Saw a break above $1.31 Friday, as rate.......>

CABLE: Saw a break above $1.31 Friday, as rate continued its recovery (the rate

having touched a high of $1.3514 in reaction to the Conservative election win,

then dropped back to $1.2905 as a Hard Brexit was seemingly placed back on the

negotiating table through the transition period). Current recovery aided by

month-end/year-end flow, early models suggesting the USD to be sold at the

fixes, with some reaction seen to a positive outlook for the UK through 2020

(Roger Bootle in The Telegraph suggesting that economic improvement could negate

current rate cut outlook). Cable extended to $1.3125 in Asia, after pushing

above Friday's high of $1.3117, with underlying tone remaining buoyant into

early Europe, the rate holding above $1.3100, currently trading around $1.3120. 

- Support $1.3100, $1.3066, $1.3050. Resistance $1.3125, $1.3133/38, $1.3150/55.