GBP/USD has inched higher and last trades.....>

CABLE: GBP/USD has inched higher and last trades at $1.2693, struggling to

return above $1.2700 in the wake of yesterday's 36 pip decline.

- Yesterday, cable edged higher initially as Tory leadership candidate Boris

Johnson said that he is not "aiming for a no-deal Brexit outcome." This occurred

with markets awaiting a parliamentary vote on the cross-party motion tabled by

the Labour Party that sought to rule out a no-deal Brexit. The motion failed by

a narrow margin, triggering a 45 pip drop in cable, which erased earlier gains

and dragged the pair firmly into negative territory.

- Thursday will see the first round of secret votes by Tory MPs to elect the

party leader and hence the next British PM. With results expected around 13:00

BST, the last placed politician and any candidate who receives less than 17

votes will be eliminated from the next ballot.

- Bears look to the 21-DMA at $1.2688, ahead of the Jun 6 low of $1.2669. Bulls

look to retake the $1.2700 handle before challenging the Jun 6 peak at $1.2742.