GBP/USD has shed ~50 pips in early Asia-Pac...>

CABLE: GBP/USD has shed ~50 pips in early Asia-Pac trade, following another

eventful, Brexit-driven day for the rate, and last sits at $1.3285. Weds saw

cable finish ~260 pips higher, with GBP sitting comfortably atop the G10 pile.

- The rate advanced steadily from off, on the perception that the odds of a

no-deal Brexit being taken off the table are increasing, ahead of the evening's

Commons vote on the matter. Cable touched a fresh YTD high of $1.3381, a level

not since since mid-June 2018, after the Commons passed the amended, non-binding

motion to reject a no-deal withdrawal from the EU. The government had initially

proposed a vote on ruling out a no-deal Brexit on March 29.

- The EU continues to put the ball in the UK's court re: breaking the Brexit

impasse, with talks of a reports pointing to a meaningful vote III, and BBG

sources suggesting that UK PM May will ask for an Art 50 extension of ~2 months.

- A break below $1.3270, which has limited losses thus far, would bring the

100-WMA at $1.3217 into view. Conversely, bulls eye the 1.0% 10-DMA envelope at

$1.3299, ahead of the Feb 27 high of $1.3350.

- Today, the Commons will vote on asking the EU for an Article 50 extension.