Cable trades steady at ~$1.2985 in early......>

CABLE: Cable trades steady at ~$1.2985 in early Asia-Pac trade. GBP rose

modestly in the NY crossover on Tues, thanks to +ve Brexit headlines, before

GBP/USD topped out at $1.3044, as participants realised that the viability of

the idea underlying the report was somewhat questionable, cable faded back below

$1.3000. Reports also noted that Brexiteer Conservatives haven't drummed up 48

letters to force a no confidence vote in PM May as of yet (they would still need

a majority of Conservative MPs to vote against the PM in any final vote).

- Late Tuesday The Times reported that it has seen cabinet papers revealing the

next stage of the Brexit plan, which suggested that a Brexit transition will

last for years under PM May's plan. Officials reportedly admitted they were

"uncomfortable" with such a plan, which would include Northern Ireland operating

in a separate VAT area. Downing St. said the report refers to "a partial

reflection of advice to Ministers," as opposed to an outright decision (May met

Ministers Tuesday, in a somewhat rocky sit down).

- Tuesday's low ($1.2937) represents initial support, initial resistance at the

50-DMA/50% retracement of the move from $1.3090 to $1.2937 ($1.3014).