Cable last deals little changed at $1.2211....>

CABLE: Cable last deals little changed at $1.2211 after GBP tanked on Monday.

- It has been a torrid few weeks for GBP bulls. Firstly, the BoE pulled the

"supportive" MonPol buffer out from underneath GBP. This was quickly followed by

Boris Johnson's rise to PM, with hard-line rhetoric from his Brexit "war

cabinet" over the weekend & on Monday, perhaps emboldened by the "BoJo bounce"

in the latest round of opinion polls. The PM's message was a little more

nuanced, as he pledged to "hold out the hand" & "go the extra thousand miles" to

strike a new Brexit deal with the EU. Johnson did stress that the current

backstop has to go and that there was "every chance we can get a deal." At the

same time he rejected Michael Gove's claim that leaving the EU without an

agreement (in October) was the gov'ts central assumption. Scotland's First

Minister, Nicola Sturgeon, was a little wary of the rhetoric, and suggested that

Johnson had set the UK on an "almost inevitable path to a no-deal Brexit."

- Bears now target a break through the psychological $1.2200 level to open up

the Mar 14 2017 low at $1.2110. Bulls initially look to recover the lower

Bollinger Band (2%) at $1.2267.