GBP/USD began week on the defensive as........>

CABLE: GBP/USD began week on the defensive as uncertainty returned following the

British parliament failure to pass the Brexit bill. Cable dropped under $1.2900

in opening trade, touched a low of $1.2875 before it recovered to $1.2920.

- Despite the react pullback the rate still operates within Friday's range. Dips

expected to attract demand, whilst rallies likely to meet headwinds between

$1.2980/1.3000

- PM Johnson's plans to get the new Brexit deal through the House of Commons

during Saturday's special sitting were derailed, as lawmakers passed the "Letwin

amendment," withholding approval of the deal until relevant legislation is

passed. As a result, the gov't sent a formal letter to Brussels requesting a

Brexit delay, in compliance with the Benn Act. The letter was not signed &

accompanied by a note saying that the PM will not negotiate further extension.

- The gov't is set to try and bring back a vote on the Brexit bill later today.

Meanwhile, the EU's response to PM Johnson's letter(s) still awaited. Per the

Times, a delay will be granted, if the PM is unable to convince MPs this week.

- Apart from Brexit matters, BoE's Haldane will speak later today.