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CABLE: Recovery off Tuesday's low of $1.2955(YTD low) touched a an opening
Europe high of $1.3043 Wednesday only to get shoved lower on pre UK CPI
positioning. A softer CPI release than had been forecast added the weight to
take the reactive sell off to $1.2986, some suggested that this release added
fuel to thoughts of a rate cut at January's MPC meeting. However, the dip
attracted buyers which allowed rate to recover to $1.3039 in post fix trade,
holding these recovery gains into the close. Bank reports continue to suggest
that pricing in a cut at the Jan meeting could be premature, suggesting a
clearer picture to be seen on release of PMI's(flash PMI's Jan24, BOE MPC and
Inflation Report Jan30). Cable posted an opening high of $1.3058 in Asia then
settled between $1.3038-53 through the balance of the session. Early Europe
pressed rate to an extended intraday low of $1.3034, currently trading around
$1.3045 at writing.
- Support $1.3020, $1.3000, $1.2985. Resistance $1.3058, $1.3080,
$1.3088(falling trend rsst Dec13)
- A data light calendar for the UK Thursday. US data in focus.