GBP/USD has traded on a firmer footing,.......>

CABLE: GBP/USD has traded on a firmer footing, resisting initial risk-off flows.

A recovery in risk appetite gave cable a fresh impetus and the rate sits at

$1.2371, 35 pips higher on the day. Locally, eyes have been on the Mail on

Sunday's interview with UK PM Johnson, who pushed back against austerity.

- The PM pledged a boost to spending on hospitals, schools and roads to help the

post-coronavirus economic recovery. He is expected to reveal more details of new

spending plans in a much awaited speech on Tuesday.

- Meanwhile, UK chief Brexit negotiator hold in-person talks with EU dep chief

envoy Alberola today, as both sides are trying to move the negotiations forward.

- Bulls need a clearance of Jun 24 high of $1.2543 before taking aim at Jun 16

high of $1.2688. Bears look for a dip through Jun 22/26 at $1.2336/15, before

turning focus to the lower 2.0% Bollinger band at $1.2295.

- On the data front, coming up in the UK this week we have final Q1 GDP

(Tuesday) and final Markit Services PMI (Friday). Speaker slate is quite heavy,

with BoE's Bailey & Vlieghe due to speak today. Haldane & Cunliffe appear on

Tuesday, while Haskel speaks on Wednesday.