Cable has slipped 12 pips and last trades.....>

CABLE: Cable has slipped 12 pips and last trades at $1.3023. Bears look to the

Friday's low of $1.2978, while bulls target the 55-DMA at $1.3072. 

- GBP/USD gradually advanced through Friday's Asia-Pac session, only to take a

nosedive in early European morning, landing ~75 lower, amidst uncertainty ahead

of the "meaningful vote 2.5" on PM May's withdrawal agreement alone, w/o the

accompanying political declaration on future ties with the EU.

- Subsequent reports suggesting that ex-Brexit Sec Raab, as well as some Labour

MPs might back the PM in the key vote pushed cable to intraday highs of $1.3136.

- The pair then eased off before extending losses through the $1.3000 level

towards its 200-DMA at $1.2976, after the agreement was defeated by a 58 margin,

which prompted EU Council Pres Tusk to call an emergency EU summit for Apr 10.

- Should there be no breakthrough, on Apr 12 the UK will leave the EU by

default, but the future of Brexit remains shrouded by mystery, with the Commons

set for another round of indicative votes scheduled for today. Elsewhere, PM May

reportedly weighs bringing her deal back to parliament on Thursday, with the

stability of PM May's gov't also in focus.