Those that thought the dip to the $1.3000.....>

CABLE: Those that thought the dip to the $1.3000 area was a good point to enter

longs were seen squeezed as rate was pressed to an extended low of $1.2905.

Conditions were described as thin, which added to the downside momentum, but

fresh buyers were encountered on the approach to $1.2900 and allowed for a

partial recovery to $1.2959 before it settled around $1.2937 into the close.

Current dip remains attractive to dip buyers, though likely to be more wary with

moves dictated by political action as we move into the next phase of Brexit

negotiations, a hard Brexit back on the table as PM Johnson sets a time limit

for a UK/EU trade agreement for the end of 2020. Consolidation through Asia with

cable contained within a relatively tight range of $1.2935/47. Stronger support

remains into $1.2900, a break to expose $1.2880. Resistance $1.2960, $1.2980

ahead of $1.3000.