Rallies, as before, when looks like holding (11)
I believe the answer is:
reassembles
'rallies as before' is the definition.
(to reassemble is to rally for a second time)
'when looks like holding' is the wordplay.
'when' becomes 'as'.
'looks like' becomes 'resembles' (I've seen this before).
'holding' means one lot of letters goes inside another.
'as' put inside 'resembles' is 'REASSEMBLES'.
(Another definition for reassembles that I've seen is " Reconvenes".)
I've seen this clue in The Guardian.
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