Cable is trading ~20 pips higher at...........>

CABLE: Cable is trading ~20 pips higher at $1.2732. The UK's EU elections saw

the Brexit Party take the most seats on a single party basis. Lib Dems also

fared well. Labour struggled, losing several "stronghold" seats, while the

ruling Tory party's vote share has been described as being in "freefall" by

some, with widespread losses evident. The tumult of the "establishment parties"

was widely foreseen, with both seemingly in need of strategic reviews.

- The weekend saw UK C'llr Hammond point towards pushback against any Tory

leader to be who wants to pursue a no-deal Brexit. This came as various familiar

faces tossed their hat into the ring for the role. Current front runner Boris

Johnson noted that it wouldn't be sensible to solely aim to leave the EU without

a deal, but it would not be responsible to take no deal off the table.

- As a reminder, GBP/USD added 60 or so pips on Friday, on the day that UK PM

May formally announced her resignation. Rate is showing above Friday's high,

with bulls looking to $1.2800, the 61.8% retracement of the move from $1.2441 to

$1.3381. Initial support is located at the May 23 high of $1.2684. As a

reminder, the UK observes a national holiday today, which will limit liquidity.