Survived a brief dip back below $1.3200,......>

CABLE: Survived a brief dip back below $1.3200, the rate touching an extended

intraday low of $1.3191 off its earlier recovery high of $1.3225. Move seen as

Eur/Gbp edged to Gbp0.9023. Position adjustments seen driving trade as we

approach the BOE MPC Rate/QE decision with accompanying Minutes. Recent strong

inflation data has some suggesting we could see a hawkish tilt in the Minutes

(most expect no change in Rates/QE), with the vote split widely expected to

remain at 7-2 though BOE Chief Economist seen a likely candidate to move across

to make it 6-3. Some regard to inflation pressures expected in Minutes,

disappointment would weigh heavily on the pound. Depending on strength of

comment/action sterling to gain a boost though more likely vs the Eur.