Sterling picked up demand pre FOMC demand.....>

CABLE: Sterling picked up demand pre FOMC demand Thursday, allowed cable to

further extend its recovery off Tuesday's low of $1.2506 to $1.2589 into NY.

Rate continued on to $1.2639 before a dovish FOMC provided the final push up to

$1.2674. Rory Stewart was removed from the list of Conservative leadership

hopefuls, Thursday seeing two more rounds of voting to pare list to two

candidates which will then be presented to the Conservative Associations for

their vote. Cable had eased to $1.2636 into Wednesday's close before Asia

continued general USD sales which took rate on to $1.2689, Europe showed fresh

demand and lifted it on to $1.2710. Initial resistance $1.2713 23.6% retracement

of the 2019 range of $1.3381-1.2506, $1.2719 the broken trend line support off

May31 low, a break to expose the key Jun12/13 highs of $1.2759-63. Support

$1.2680/70, $1.2639-36 and $1.2620.

- UK Retail Sales at 0830GMT ahead of BOE MPC rate decision at 1100GMT. No

change widely expected by vote split seen as the main interest, a chance that up

to two MPC members could dissent. BOE Carney Mansion House speech 2000GMT to

follow.