Cable last seen unchanged at $1.2484 after....>

CABLE: Cable last seen unchanged at $1.2484 after adding 43 pips yesterday.

- The rate rallied sharply in yesterday's London morning, briefly showing above

$1.2500, but failed to break above $1.2521/23, the highs of Jul 10/9. The

upswing was reminiscent of short-covering and position squaring, was probably

accelerated by worse than forecast economic data out of the U.S., which applied

some weight to the greenback. Cable then eased off somewhat into the close.

- The rate rests upon support provided by the 100-HMA/200-HMA at $1.2482/80.

Below would expose $1.2427, which limited gains yesterday and on Jul 18.

Conversely, a return onto the $1.2500 handle would shift bullish focus to the

aforementioned Jul 10/9 highs, followed by the 21-DMA at $1.2531.

- Boris Johnson assumed the office of UK PM, arriving at 10 Downing Street with

a sweeping brush as he promptly ousted more than half of cabinet ministers,

replacing them with allied Brexiteers. In his first speech, PM Johnson

reiterated his pledge to take the UK out of the EU by Halloween.

- BofAML said that the BoE's forecasts are losing credibility as they have

factored in a 100% chance of a Brexit deal, which is out of touch with mkt exp.