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Recovery off Wednesday's low of $1.2121.......>

MNI (London)
CABLE: Recovery off Wednesday's low of $1.2121 extended through its NY high of
$1.2168 in earlier Asian trade, the rate touching a high of $1.2175 before
faltering. Move failed to bring any pressure to bear on Wednesday's high of
$1.2191. Rate eased back to $1.2159 ahead of Europe, currently trades around
$1.2168. Resistance remains at $1.2175 ahead of the 10-dma which currently comes
through close behind at $1.2182. A break here to relieve some of the recent
bearish pressure, though needs a move through $1.2190/1.2110 to expose recent
high of $1.2250. Support $1.2140/35 ahead of $1.2120.
- A light data calendar in the UK Thursday. Focus remains on US-China trade spat
(PBOC CNY fixing now becomes barometer for risk) and Brexit speak for
directional impetus. Speculation for a General Election being called this year
increases, The Sun suggesting Johnson may go for Nov1. 
- Option expiry of note for today's NY cut, $1.2300(Gbp1.02bln)  
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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