Cable trades flat at $1.3075, following a.....>

CABLE: Cable trades flat at $1.3075, following a very busy Tuesday, which saw

the rate finish 75 pips lower. Bears now look to the Mar 7 low of $1.3069, ahead

of the Feb 21 low of $1.3026, with bulls focused on the 100-HMA at $1.3092.

- Yesterday's NY/Asia crossover saw a meeting between UK PM May & EU Commission

Pres Juncker. During a joint presser both leaders pointed to the temporary

nature of the Irish backstop, and additional guarantees surrounding the matter.

This sent cable to intraday highs of $1.3289. The rate pared some of the earlier

gains thereafter, as a few Tory Brexiteers poured some cold water over the EU

pledges. Questions also remained re: the stances of UK AG Cox & the DUP.

- Cable then nosedived in European hours, hitting intraday lows of $1.3004,

after AG Cox said "the legal risk remains unchanged" that the UK could be stuck

in the Irish backstop, sending GBP from the top to the bottom of the G10 pile.

- Tuesday concluded with a parliamentary vote on PM May's Brexit deal. With the

bill defeated, cable knee-jerked higher as PM May confirmed that there will be a

free vote on a "no deal" Brexit on Wednesday, which if defeated, will be

followed by a vote on an extension of Art 50, on Thursday.