Cable finished the day on the $1.27 handle,...>

CABLE: Cable finished the day on the $1.27 handle, after starting London trade

at ~$1.3000 as cabinet resignations, terrible econo data & political uncertainty

weighed. Brexit matters remained front & centre, as several cabinet members

(most notably Brexit secretary Raab) resigned in protest of May's Brexit deal

with Brussels. PM May's press conference came & went with little consequence, as

she vowed to stay on & reiterated points she had made previously.

- Focus now on Brexiteers Michael Gove, who has reportedly turned down the role

of Brexit Sec., with mixed reports on his future in the cabinet evident through

Thursday, and Penny Mordaunt, another noted Brexiteer in May's cabinet.

- Elsewhere the Telegraph has reported that the "Conservative party's deal with

the DUP on Brexit is over unless PM May is replaced with a new leader."

- Worth noting that there has been no confirmation of 48 letters being lodged

with the 1922 committee as of yet (which would trigger a confidence vote in

May), although noted Brexiteer Rees-Mogg has apparently submitted his letter.

- The close < $1.2800 puts bears in control, they now eye Oct 31 low at $1.2699

& YTD low at $1.2662. Bulls need to recover the 100-DMA at $1.3023.