Recovery off Tuesday's low of $1.2975.........>

CABLE: Recovery off Tuesday's low of $1.2975 topped out at Thursday's opening

high of $1.3030. Rate eased to $1.2990 in early NY Wednesday but managed to

recover to $1.3026 through the FOMC announcement/Powell press conference before

it closed around $1.3020. Cable touched a high in Asia of $1.3026 before

drifting lower through the rest of the session to $1.3010, with early Europe

giving it an added shove down to $1.3001. Rate seen hugging the $1.3000 level

with market seemingly split on views for today's BOE MPC rate announcement,

recent comments from BOE MPC members make the event live as weak data suggests

we could see a 25bp cut. However, the data is pre election with post election

sentiment indicators, as well as employment, providing the argument for

unchanged rates. EUR/GBP seen holding back around its key technical 10-dma

(currently Gbp0.8468). 

- Cable support $1.2990, $1.2975, $1.2950. Resistance $1.3030, $1.3060,

$1.3090/1.3100. 

- Direction to be dictated by the BOE decision. Vote split of interest if

unchanged.