GBP is struggling on the back of weekend......>

CABLE: GBP is struggling on the back of weekend reports re: Brexit matters. The

Times noted that UK PM "May has been plunged into a deeper crisis after Brussels

rejected her key Brexit proposal, which was intended to avoid the UK being

trapped in an indefinite customs union." This was followed up by a report from

the Independent which stated that "May has been forced to abandon plans for an

emergency cabinet meeting to approve a Brexit deal, after fresh opposition at

home and abroad plunged her timetable into turmoil." That being said, EU's

Juncker thinks that the U.K. & the EU are edging closer to a "definitive Brexit

deal that will be concluded in the coming weeks."

- GBP/USD last $1.2930, after hitting an indicative low of $1.2910 in early

dealing this week. The pair has breached cloud base support at $1.2980, as well

as the November 02 & 05 lows, with hourly support located at $1.2910/1.2900.

Bears need to regain the aforementioned cloud base support to allow themselves

some respite.

- UK highlights this week include labour market data, CPI & retail sales,

although Brexit matters will continue to overshadow economic releases.