Sterling trading with a slight soft tone as...>

CABLE: Sterling trading with a slight soft tone as traders adjust positions

ahead of key UK Services PMI release on the half hour. Market median is 53.2 vs

last 53.2. This is the more important on the 3 PMI data set, Manufacturing

missed while Construction came in below 50 to show contraction in this sector. A

miss in Services will place fresh downside pressure on the pound with earlier

Asian low of $1.3235 and Tuesday's low of $1.3222 seen as near term supports. If

data comes in at forecast, or above, will likely give sterling a boost with

resistance seen from above $1.3280 through to $1.3300. Talk in Asia that US

funds were interested sellers when rate popped above $1.3270 in the earlier

session, with the earlier move to $1.3283 again said to have met decent sell

interest. Rate currently trades around $1.3255.