Release of weaker than forecast UK Services...>

CABLE: Release of weaker than forecast UK Services PMI data Tuesday weighed

heavily on sterling, took cable off a pre release high of $1.3053, breaking it

below its 200-dma(Feb5 $1.3032) to an initial low of $1.2997. NY added further

weight and accelerated the move lower, touched a low at the 1600GMT of $1.2925

before it settled around $1.2950 into the close. Rate managed to extend it

recovery to $1.2962 in early Tokyo but struggled to build, eventually eased off

to find support around $1.2950. Early Europe saw added downside pressure(rate

having closed below its 200-dma, today coming in at $1.3029), and rate pressed

back to $1.2938 as it tracked EUR/USD slippage on release of weak German Factory

Orders. Support noted into $1.2925/20, a break to expose $1.2900. Resistance

$1.2960/65.

- Irish border Brexit developments will be watched with PM May in N.Ireland.

Irish PM Varadkar meets EU Tusk.  

- Thursday brings first BoE MonPol decision of 2019, alongside the release of

the Bank's inflation report & meeting minutes.