GBP bottom of the charts as hope for May's....>

FOREX: GBP bottom of the charts as hope for May's deal evaporates

-GBP/USD made light work of support at yesterday's lows, falling further to

touch the lowest levels since January. Markets remain happy to sell the GBP in

response to reports that PM May's revamped deal (unveiled just yesterday) is

highly unlikely to receive sufficient support to pass parliament in early June.

The writing appears written on the wall for May, with members of the

Conservative party already angling to call for a new confidence vote or even

force May out of office. Today's low at $1.2662 so far coincides with the 76.4%

Fib retracement for the $1.2441 - 1.3381 move, which may provide some support

from here.

-The Turkish central bank's move to cut their swap rate continues to reverberate

through markets, with TRY solidly underperforming broader EMFX space, pressuring

TRY back to the week's lows. A break above 6.10 opens a run toward the cycle

high of 6.2457.

-Attention turns to Canadian retail sales, Fed minutes and speeches from ECB's

Praet, Fed's Williams and Bostic.