Cable printed a high of $1.3152 on the back...>

CABLE: Cable printed a high of $1.3152 on the back of the broader USD weakness

on Monday, before easing. The move lower was aided by reports that the

opposition Labour party may invoke an ancient procedure to extend Article 50 to

prevent a Brexit "no deal" scenario. Creating more political uncertainty in

Westminster.

- GBP/USD last deals at $1.3125, with various intraday lows providing initial

support between $1.3084 and $1.3072, while resistance is noted at the

aforementioned Monday high, followed by the 61.8% retracement of the move from

$1.3213 to $1.3083 ($1.3163).

- Bigger picture, although the medium term descending channel remains in place,

some near-term supportive signals are emerging, with momentum indicators gaining

upside impetus. However, the July 26 high of 1.3215 would still have to be

overcome for GBP to mount a challenge of bear channel resistance at 1.3285.

Failure below 1.3215 would return the pressure to the downside with Friday's low

of 1.3082 the next line of defense before the July low of 1.2957 comes into

play.