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CABLE: Strong demand for EUR/GBP, seen initially on month-end flow then boosted
by positive reaction to the presentation of the EU COVID recovery plan proposal,
acted to weigh back on cable, the rate extending its corrective pullback away
from Tuesday's high of $1.2363 to $1.2206. EUR/GBP rejection on approach to
Gbp0.9000 provided some relief to the pressure on sterling, allowed cable to
recover to $1.2263 into the close. Recovery extended in Asia to $1.2276, the
move pulled along by the stronger rally in EUR/USD, though EUR/GBP edging back
to Gbp0.8990 provided a counter but cable found buoyancy around $1.2250. With
EUR/GBP holding above its key 10-dma(Gbp0.8950) seen providing some counter to
cable recovery efforts, though market aware of Friday's month-end flow likely to
benefit sterling. Brexit negotiation concerns and continued mention of negative
interest rates by BOE officials(focus on BOE Saunders speaking 1000BST) to
provide some negativity.
- Cable support $1.2250, $1.2210/00, $1.2186, $1.2160. Resistance $1.2275/85,
$1.2300/05, $1.2325/30, $1.2354/63