Failure, at least so far, of Conservative.....>

CABLE: Failure, at least so far, of Conservative MP's to send in the necessary

48 letters to the 1922 Committee to prompt a no-confidence vote in PM May's

party leadership, allowed cable to further extend its recovery away from its

Nov15 low $1.2724 to $1.2884 before rate dropped back to $1.2795 as a reported

large EUR/GBP buy order hit the market. However, cable managed to recover to

$1.2873 in NY. Coalition party DUP abstained from a vote on a Finance Bill in

Parliament, also supported an

amendment proposed by the opposition Labour Party, but action only provided for

a minor bruising for the pound as intentions had been well broadcast. Cable

consolidated in Asia above $1.2850 but has come under fresh downside pressure

into early Europe, pressing rate down to a fresh intraday low of $1.2834. Brexit

matters remain front and centre. Worth noting that BoE's Carney,

Haldane, Cunliffe & Saunders will testify to the Tsy select committee on the Nov

Inflation Report. Expect questions on BOE contingency plans on the outcome of

Brexit negotiations. Cable support $1.2795, $1.2762. Resistance $1.2874/84,

$1.2900.