Cable last trades flattish at $1.2629,........>

CABLE: Cable last trades flattish at $1.2629, after falling 27 pips yesterday,

as a combination of elevated uncertainty re: Brexit & UK political outlook and

broader USD demand observed around the WMR fix applied weight on the rate.

- Boris Johnson, the front runner in the Conservative Party's leadership race,

will have to attend a court hearing and face accusations of making false claims

re: UK spending on the EU. The odds of him becoming the next PM fell by 5pp on

the news, according to the data from Oddschecker, but he remains the favourite.

- With cable hovering just above its worst levels since early January, bears

look for a breach of $1.2606, which represents the May 23 multi-month low. A

fall through the figure would give them the green light for targeting the lower

1.0% 10-DMA envelope at $1.2551. Meanwhile, bulls need to retake yesterday's

peak at $1.2671 before challenging Tuesday's high of $1.2702.

- Brexit & political matters rather than data releases will likely continue to

drive price action during the remainder of this week. BoE's Ramsden will make a

speech later today.