Cable last trades at $1.2681, barely..........>

CABLE: Cable last trades at $1.2681, barely changed on the day.

- Yesterday's holidays in the UK and the U.S. did not prevent the rate from

falling 35 pips on an intraday basis, as political news applied pressure. Cable

advanced into Europe as stocks recovered somewhat, but slid towards worst levels

thereafter, as investors digested political headlines. The anti-EU Brexit Party

won the European election in the UK, with the Conservative Party suffering the

heaviest losses, while worries re: the perspective of a Brexiteer winning Tory

leadership contest remained. Stronger USD accelerated the rate's move lower.

- Worth noting that in the wake of disappointing election results for the two

mainstream parties, Labour leader Corbyn backed a referendum on any Brexit deal.

- Bears look for a fall through $1.2606/1.2592, which represents the May 23

multi-month low/lower 1.0% 10-DMA envelope. Bulls look to recover the 23.6% fibo

retracement of the move from $1.3185 to $1.2606, which comes in at $1.2743.

- BoE's Ramsden's speech on Thursday will be of note.