Wednesday saw another early Europe rally in...>

CABLE: Wednesday saw another early Europe rally in sterling knocked back, in

what looks to be fix related, whether in cable or EUR/GBP. Cable touched a high

Wednesday of $1.3170 before it was sold back to $1.3092 in pre NY trade, with

the US session extending the low to $1.3081 before it recovered to $1.3139 then

dropped to $1.3083 into the 1600GMT fix. Shallow recovery to $1.3117 before rate

settled just below $1.3100 into the close. EUR/GBP posted a fresh 2020 low of

Gbp0.8455 in early Europe though its rebound managed to hold below its key

10-dma which is seen keeping sterling's recent underlying buoyant tone in place.

Cable slowly clawed its way up to a high of $1.3124 into Europe before meeting

headwinds that have pressed it back toward $1.3100. A light UK data calendar for

Thursday. Attention on the US-Iran situation and Brexit for direction. 

- Support remains into $1.3085/80, stronger into $1.3060/50. Resistance $1.3124,

$1.3140, $1.3170.