Strong sales of Eur/Gbp Thursday saw this.....>

CABLE: Strong sales of Eur/Gbp Thursday saw this cross drop from above Gbp0.8700

to an eventual low of Gbp0.8643. This move provided cable with decent support,

the rate having initially tracked Eur/Usd's easing, touched $1.4146 before it

bounced to $1.4247. Cable settle around $1.4230 into Thursday's close, while

Eur/Gbp corrected back to the Gbp0.8670 area but closed back in the low

Gbp0.8660's. Cable consolidated between $1.4227-45 through Asia as the cross was

seen settled around Gbp0.8660. Attention should be noted toward the 1.0%

envelope, drawn around the 10-dma, as mentioned in recent bullets the envelope

doesn't provide support/resistance levels in their own right but rates don't

like to hold outside for too long. Thursday saw the base of the Eur/Gbp envelope

move down to Gbp0.8640, while cable envelope topside moved to $1.4243. These

envelope levels currently seen at Gbp0.8627/$1.4265. A fairly light data

calendar for Friday. Weekend approaching could prompt some risk position

adjustments due to the ongoing Syrian crisis. 

- Cable support $1.4227-12 ahead of $1.4185-70. Resistance $1.4245/50 ahead of

$1.4265.