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CABLE: Amid the backdrop of political uncertainty over Brexit, GBPUSD witnessed
sharp falls of over 2% yesterday to lows of $1.2724, before basing ahead of the
NY close. A much lighter session overnight has seen GBPUSD largely consolidate
in a narrow $1.2762-1.2814 range ahead of the European crossover. Markets will
remain headline driven with focus now on senior Ministers Gove & Mordaunt's
future. We also await confirmation of 48 letters lodged with the 1922 committee
which would trigger a confidence vote in May. Incidentally, PM May is speaking
on LBC radio from 0800GMT. GBPUSD last trades $1.2807 with topside resistance
seen at $1.2841 from the 38.2% retracement of $1.3030-1.2724. Support from the
Asia low at $1.2762. EURGBP reclaimed the Gbp0.88 handle yesterday and has built
on recent momentum to comfortably hold above Gbp0.8850. Bulls target a close
above the 100-dma at Gbp0.8881 to regain control. GBPJPY closed below the
100-dma yesterday and currently trades either side of Y145.00.