Cable was the notable early mover.............>

CABLE: Cable was the notable early mover overnight, shedding over 30 pips at one

point after a media report noted that U.S. President Trump believes that UK PM

"Theresa May ignored his advice by opting for a soft Brexit strategy." Trump

reportedly went on to warn UK PM May that "any attempts to maintain close ties

with the EU would make a lucrative US trade deal very unlikely." Broad based,

albeit modest USD strength also helped the move.

- GBP/USD's Jul 04 low/61.8% retracement of the move from $1.3050 to 1.3363

($1.3171/70) held, with the pair last ~$1.3180. Bears' eyes will turn to medium

term support at $1.3150 if the pair breaches the aforementioned $1.3170.

- BOE's Cunliffe is due up today, with Trump's visit to the UK continuing. Next

week brings a raft of UK economic data, including CPI, the labour market report

& retail sales, which could cement/draw questions over a BoE rate hike at its

heavily awaited August MonPol meeting.

- Nearby notable FX option expiries for today's 10AM NY cut: $1.3125 (GBP1.31bn)