Cable holds steady at $1.2131 at typing,......>

CABLE: Cable holds steady at $1.2131 at typing, after it shed 40 pips yesterday.

Bears look to the 200-HMA at $1.2103, bulls eye the 21-DMA at $1.2156.

- The rate slid into the European morning yesterday, even as there were no

potential drivers in the way of new headlines. The heavy tone remained amid

reports that the French gov't now sees a no-deal Brexit as its central scenario.

- Worth mentioning that the BBG source report re: French expectations on Brexit

highlighted that France fully aligns with Germany's stance and EU leaders won't

be persuaded by any intervention from U.S. Pres Trump, if there is one.

- UK PM Johnson spoke with German Cll'r Merkel on Wednesday, with both

expressing desire to secure an orderly Brexit. Merkel challenged Johnson to come

up with a solution to the deadlock over the Irish backstop in the next 30 days,

a timetable he said he is "more than happy with.".

- Over the next two weeks, UK tax authority will issue over 88k companies with

an EORI no. needed to trade with the EU post-Brexit. For VAT-registered firms,

the process will now be automatic rather than upon application.

- UK focus is on today's meeting between UK PM Johnson & French Pres Macron.