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CABLE: Strong recovery in CBI Business optimism, released Wednesday, provided
sterling with another upside pick as it extended its recent recovery. The pound
had floundered in recent sessions following dovish comments from BOE MPC
members, disappointing data and comments from Chancellor Javid concerning the
UK's future relationship with EU rules. All of these points had market adjusting
outlook for a possible rate cut at the Jan30 BOE meeting. This has been tempered
by the stronger than forecast UK jobs data and CBI with attention set on
Friday's post election flash PMI's. As mentioned in an earlier bullet, the BoE
may be paying extra attention to its own internal models & surveys, with a
degree of added prudence owing to a desire to not be wrong-footed, given
previous criticism. Cable extended its recovery from Monday's $1.2962 low to
$1.3153 Wednesday, corrective pullback finding support at $1.3120. Rate touched
$1.3151 in early Asia, on Australian jobs react before again testing $1.3120
- Support $1.3120, $1.3100, $1.3085/80. Resistance $1.3150/55, $1.3170, $1.3112.