Volatile session as rate spiked to $1.2958....>

CABLE: Volatile session as rate spiked to $1.2958 off $1.2874 ahead of NY open.

Some cited large demand for cable futures at 1156GMT, 2389 lots

traded(equivalent Gbp149mn) while others suggested and/or strong RHS 1200GMT

cable fix demand. However, once the demand faded so rate dropped back in NY,

eventually touching a low of $1.2849 before settling around $1.2860. Cable

generally thin and open to large volatile swings whether order related or

headline reactive, especially linked to Brexit developments. Support now seen

into $1.2833(Feb12 low), minor resistance now seen at the earlier low of

$1.2874. Brexit back to the fore again Thursday with expected debates through

the UK afternoon with Brexit motions expected to be presented to Parliament from

around 1900GMT. Voting on amendments not seen as key as the ones on Jan30 but

will be watched.