Cable slid into yesterday's European..........>

CABLE: Cable slid into yesterday's European morning and an underwhelming UK

services PMI reading, released subsequently, continued to limit recovery

attempts through the rest of the day. The rate finished 19 pips lower on the

day, with sterling underperforming in the G10 FX space.

- Also yesterday: BoE's Broadbent said that household debt levels are "not a

great worry at the moment," while his BoE colleague Cunliffe noted that the

probability of a no-deal Brexit has gone up.

- As of today, however, GBP/USD has added 8 pips so far and trades at $1.2582. A

break above yesterday's high of $1.2600 would bring the 100-HMA/May 30 peak at

$1.2638/40 into play. Bears look to extend losses through the lower 1.0% 10-DMA

envelope at $1.2547 & the lower Bollinger band (2%) at $1.2538 to gain momentum.

- BoE Gov Carney has emerged as the bookmakers' favourite to replace Christine

Lagarde as the IMF chief.

- With only second-tier data left in the UK calendar this week, focus will

likely remain on the Tory leadership race & Brexit matters.