Cable has crept higher over the last.......>

STERLING: Cable has crept higher over the last couple of hours, last dealing 30

pips or so better off on the day at $1.2111. A break above last Tuesday's

$1.2310 high is needed to reinstate a bullish theme. The bear channel top at

$1.2216 also provides an important resistance level.

- EUR/GBP sits 20 pips or so lower at GBP0.9062, with bears looking to the Aug

27 low at GBP0.9016.

- UK services PMI provides the highlight of the data docket on Wednesday, while

BoE's Carney, Haldane, Haskel & Vlieghe will appear in front of the Tsy

Committee.

- However, it will be the goings on in the Commons that dominate price action.

In summary the gov't was defeated in the Commons late Tues, by 328 to 301,

putting control of the Commons into the hands of the opposition & Tory rebels on

Weds. They will aim to pass a Bill to seek an A50 extension & remove the threat

of a no deal Brexit on Oct 31. See earlier analysis email/bullets for more

insight on that matter.