Expected resignation of PM May, possibly......>

CABLE: Expected resignation of PM May, possibly Friday, or after the long

Whitsun weekend, following the Friday meet with 1922 Committee chairman Brady

Friday continues to keep downside pressure on the pound, which along with

overnight risk aversion on the Sino-US trade spat, saw cable pressed to a low of

$1.2636, though held off Wednesday's low of $1.2624. Resignation of House leader

Leadsom also added to the pressure on May to quit with reports that cabinet

members are advising her to go. And after all that Eurovision has decided to

deduct a further 5 points from a dismal performance last Saturday, adding insult

to injury. European elections today has provided a blanket ban on political

reporting, expect speculation to emerge again on Friday. Any negative press

reports over the weekend could leave sterling vulnerable Monday with most of the

UK dealing rooms closed. 

- UK Retail Sales at 0830GMT provides the morning's domestic data interest. 

- Support $1.2624 ahead of $1.2600, a break to expose the 2019 low of $1.2441.

Resistance $1.2670, $1.2700, $1.2720.