Cable has dropped 15 pips thus far & last.....>

CABLE: Cable has dropped 15 pips thus far & last deals at $1.2972 after rallying

101 pips Thursday on the back of renewed hopes that a hard/no-deal Brexit is

becoming less likely, although No. 10 reiterated earlier claims that extending

art. 50 is not on the table. After speaking to senior MPs, UK PM May decided to

drop out from next week's Economic Forum in Davos. She is set to present a "plan

B" to the lawmakers on Jan 21, before it is put to the vote on Jan 29. 

- The latest round of press reports point to ongoing tensions within the Tory

party, a leaked Cabinet document revealed that a 2nd referendum (an outcome PM

May continues to push back against) would take well over a year to organise.

Also worth noting that the Times has reported that "the DUP would be open to a

soft Brexit that kept the whole of the UK in a customs union with Brussels." 

- Bears look for a break below the 100-DMA at $1.2891 before shifting focus to

yesterday's low of $1.2832. Meanwhile, bulls need a move back above the $1.3000

figure, which represents the upper Bollinger band (3%), before targeting the

200-DMA at $1.3089. 

- UK retail sales hits later today.