Sterling continued to pare back recent........>

CABLE: Sterling continued to pare back recent gains, early week enthusiasm for

the pound quickly gave way after the Govt's failure to enact its timetable for

passage of its WAB. Cable had seen a high Monday of $1.3013 and traded to a low

of $1.2789 by Thursday as the Brexit debate moved toward general election calls

by the government, though votes to get this enacted likely to fall short of the

2/3's majority needed. Attention is set on the EU's extension/flextension

decision which may come today. PM Johnson has offered more time to debate the

WAB if MP's back an election on Dec12. Recent polls have suggested a

Conservative lead though commentators have noted that the voting public often

'punish' a sitting Govt if they call a snap election. Cable did recover Thursday

to $1.2866 before it closed around $1.2852. General consolidation through a

subdued Asian session saw rate confined to a range of $1.2836-57. Early demand

in Europe has slightly extended the topside to $1.2859. 

- A light data calendar for the UK Friday. Support $1.2836, $1.2789. Resistance

$1.2866/77, $1,.2927, $1.2950.