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Early Asia-Pac trade saw cable touch..........>

CABLE
CABLE: Early Asia-Pac trade saw cable touch reaction lows of $1.3031 after all
four Brexit proposals voted upon in the second round of parliamentary indicative
votes were defeated. GBP/USD last seen at $1.3064, ~40 pips worse off.
- The rate finished 68 pips higher Monday, despite ebbing lower from off.
Recovery through the London/NY sessions was aided by positioning ahead of the
Commons' Brexit votes, as market perception moved toward a soft Brexit & away
from no-deal. Strong UK m'fing PMI also provided support, albeit data breakdown
revealed that much of the PMI boost was down to pre-Brexit stockpiling.
- Elsewhere, ITV's Peston reported that up to 200 Tory MPs signed off on a
letter calling for a "managed" no-deal Brexit.
- After the rate tested the water below $1.3000, bears look for a dip through
the figure, ahead of the 200-DMA at $1.2976. Meanwhile, bulls look for retaking
yesterday's peak of $1.3150, located just above the 200-HMA.
- UK construction and composite/services PMIs come out on Tuesday and Wednesday
respectively, but Brexit matters will remain in the spotlight, with PM May set
to convene a cabinet meeting on Tuesday.
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