GBP/USD has added 7 pips so far and last......>

CABLE: GBP/USD has added 7 pips so far and last trades at $1.2663. A move

through yesterday's high of $1.2684 would give bulls the green light for

targeting the $1.2700 figure. Bears need a fall through Wednesday's low of

$1.2624 before challenging yesterday's multi-month low of $1.2606.

- Cable posted losses into the European morning yesterday, bottoming at $1.2606,

the worst level since early Jan, amidst persistent political uncertainties, with

press reports suggesting that PM May will give the date of her resignation on

Friday. ITV's reporter Peston pointed at June 10 as the likely departure date.

Nonetheless, weaker greenback, pressured by softer than exp. domestic PMIs &

falling U.S. Tsy yields, allowed cable to stage a recovery later in the day and

close just a couple of pips shy of the open.

- Thursday saw UK citizens cast their votes in the European elections, but exit

polls/political reporting must wait until Sunday, when polls close across the

entire EU.

- On the data front, UK retail sales data will be released in the London

morning. Worth reminding that UK markets will be closed on Monday.