Cable under light pressure from off, last.....>

CABLE: Cable under light pressure from off, last trades 3 pips lower at $1.2381.

- The UK has boosted preparations for a disorderly departure from the EU. PM

Johnson formed a "war cabinet" of six ministers responsible for overseeing the

works. Snr Cabinet Min Gove wrote on Sunday that "no deal is now a very real

prospect," while the Times reported that Johnson's aide Cummings told advisers

that Brexit will happen "by any means necessary." Per the Telegraph, UK Trade

Min Truss is set to visit the U.S. for talks on a post-Brexit trade deal.

- Sterling was the worst G10 performer on Friday amid escalating UK-EU tensions

& fear of a no-deal Brexit. EU leaders pushed back against Johnson's insistence

to scrap the Irish backstop, reiterating that the only part of any deal that is

open for change is the political declaration. Cable was also weighed by strong

U.S. GDP data & WH adviser Kudlow's assertion that there will be no intervention

to weaken USD. As a result, the rate touched a new multi-year low of $1.2376.

- Bears eye the lower 1.0% 10-DMA envelope at $1.2340, bulls target $1.2400.

- The BoE decides on its MonPol settings and publishes its inflation report on

Thursday. On the same day, Markit publishes its UK m'fing PMI survey.