GBP ignored late reports on Friday that.......>

CABLE: GBP ignored late reports on Friday that "the deadline for Britain & the

EU to agree the terms of Brexit has been pushed back by 4 weeks amid fears that

Conservative MPs could scupper PM May's Chequers deal." Cable last deals at

$1.2850, virtually unch.

- Last week saw the pair's corrective pullback base ahead of $1.2800 with

recoveries extending all the way up to ~$1.2880. Bulls look for a move above the

21-DMA ($1.2893). Above here, downtrend resistance comes in at 1.2915, ahead of

the Jul 19 low (1.2958). Failure to hold $1.2800 would see downside momentum

build with bears targeting $1.2750, followed by the Aug 15 low ($1.2662).

- With a lack of tier 1 UK economic releases due this week focus will fall on

the Brexit negotiations. The Times has reported that PM May is to "hold a

cabinet crisis summit to prepare for a no-deal Brexit amid fears that a cabinet

row between remainers and Brexiteers will stop Britain going it alone, and

undermine her negotiating position with Brussels." It is also worth noting that

the weekend saw Chinese policymakers reveal that China & Britain are trying to

secure a "top-notch" free trade agreement.