Cable has shed 4 pips & deals at $1.2155,.....>

CABLE: Cable has shed 4 pips & deals at $1.2155, its lower Bollinger band (2%).

- Yesterday's London hours saw a corrective pullback from the recent lows. The

rally culminated at $1.2250, touched at the WMR fix. However, the initial gains

were erased in the wake of the FOMC MonPol decision, which was deemed more

hawkish than exp. A 25bps rate cut was accompanied by an assertion that the move

was merely a "mid-cycle adjustment," not the beginning of an easing cycle.

- The UK has allocated an extra $2.6bn to no-deal Brexit preparations. Boris

Johnson promised that there will be no physical infrastructure set up at the

Irish border in the event of a no-deal Brexit.

- MNI sources said that UK gov't may want to capitalise on the "Boris bounce"

and call a snap election in October, if the Tory lead in the polls persist.

- Bears set their sights on the recent multi-year low of $1.2119. Conversely,

bull look for a return above the psychological $1.2200 figure.

- The BoE policy meeting takes focus today. Anything else than a unanimous

decision to stand pat would be a surprise, but the accompanying Inflation Report

will be scrutinised. M'fing PMI hits today, before the rate decision.