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CABLE: GBP/USD has extended yesterday's losses this morning and last sits -33
pips at $1.2569. Brexit matters have returned to the fore as UK gov't confirmed
that it has agreed to hold "intensified" talks with the EU to break the current
deadlock in bilateral negotiations. The talks will take place every week between
Jun 29 and Jul 31, rather than every three weeks as previously. Meanwhile, EU
Commission Pres von der Leyen & Council Pres Michel will speak with UK PM
Johnson on Monday to give Brexit talks a fresh impetus. Elsewhere, news wires
have reported that Cabinet Office Min Gove will lay out a change in the UK's
plans for the post-Brexit customs policy. The country will introduce a
"temporary light-touch regime" rather than full customs controls next year, to
ease the burden on businesses.
- A break below the 100-DMA at $1.2540 would clear the way to Jun 4 low of
$1.2501. Conversely, a clearance of the 200-DMA is needed to expose Jun 10 high
of $1.2813, the recent cycle peak.
- UK monthly GDP & economic activity indicators are due today.