Cable last deals at $1.2690, virtually........>

CABLE: Cable last deals at $1.2690, virtually unchanged on the day.

- Yesterday, the rate inched higher initially before declining through the rest

of the day. A late doors bid put into USD by comments from Fed's Powell &

Bullard, who sounded less dovish than expected, allowed the rate to bottom out

at $1.2672 and snap its 5-day winning streak.

- Bears look for a fall through the Jun 12 low/Jun 14 high, situated at $1.2682.

Below opens the 21-DMA at $1.2667. Bulls look to $1.2718, which represents the

100-HMA. A break would bring the Jun 20 high of $1.2727 into play.

- Looking at the news wires, Tory leadership contest remains front and centre.

Boris Johnson reiterated his pledge to deliver Brexit by Oct 31 "do or die" and

challenged his rival to match this commitment. Jeremy Hunt replied that a

hardline stance on the deadline could lead to a general election.

- CBI said that UK retail sales shrunk by the most since 2009 on a Y/Y basis.

- Focus today turns to a parliamentary testimony re: the May Inflation Report

from a cohort of BoE members, which includes Carney, Cunliffe, Tenreyro and

Saunders. Friday will see the release of final UK GDP for Q1.