Release Thursday of better than forecast UK...>

CABLE: Release Thursday of better than forecast UK flash PMI data provided the

impetus to extend cable's recovery away from its early Europe low of $1.2186

(50% $1.2076-1.2296) to $1.2246, touching an extended recovery high of $1.2250

in early NY after bouncing off a corrective pullback low of $1.2206. Rate

bounced within these levels for the balance of the session, closing the day

around $1.2220. Rate managed to nudge up to $1.2234 in early Asia before risk

aversion, linked to US-China tensions over HK, pressed rate back to $1.2200

ahead of Europe. Some of this downside pressure could be linked to position

adjustment ahead of UK Retail Sales data release at 0700BST. Market median

-15.0%mm ex-auto, -18.6%yy; -15.5%mm incl auto, -21.2%yy. UK Borrowing data to

be released at same time. 

- Support remains at $1.2186/84, a break to open a deeper move toward

$1.2160/50. Resistance $1.2250/55, $1.2288/96.