Traded to an extended low of $1.2408..........>

CABLE: Traded to an extended low of $1.2408 Thursday, as rate extended its

corrective pullback away from Wednesday's recovery high of $1.2574, off its

intraday low of $1.2438. Cable recovered to $1.2463, settled around $1.2450 into

the close. Risk was given an early boost into Asia on positive reports

concerning a Gilead Sciences drug remdesivir treating COVID-19 patients. Cable

rallied to a high of $1.2522 before momentum faltered and it drifted back to

$1.2487 into Europe. USD demand into the new session saw rate pressed to an

extended pullback of $1.2465(50% 1.2408-1.2522) before meeting some cushioning

support. A break here to expose $1.2452(61.8%) ahead of $1.2435(76.4%) and

$1.2410/00. Resistance $1.2522/28, $1.2556(61.8% $1.2648-1.2408).

- BOE Broadbent and Haldane briefing at 0830GMT.

- Moody's UK sovereign debt rating review, likely one notch downgrade (following

Fitch move) 

- MNI TECHS: GBPUSD extended pullback yesterday, provides some concern for

bulls. Break of Thursday's low of $1.2408 to further damage recent bullish theme

and expose $1.2361(Apr9 low).