GBP/USD last deals at $1.2508, a touch........>

CABLE: GBP/USD last deals at $1.2508, a touch higher on the day.

- Friday saw the pair slide 47 pips, as a clarification to an earlier speech

from Fed's Williams and a WSJ piece downplaying the possibility of a 50bps rate

cut at the next FOMC meeting put a bid into USD.

- A dip below the $1.2500 figure would see the rate heading towards the key

trendline support at $1.2466. On the topside, the initial focus falls on $1.2556

& $1.2558, the highs of last Friday & Thursday respectively. A jump above would

bring the Jul 15 high of $1.2582 into view.

- According to the Times, some EU countries have approached Boris Johnson's team

in a bid to avoid a no-deal Brexit. The Times also reported that the EU prepares

a multi-billion aid package for Ireland to cushion the damage from a no-deal.

- UK C'llr Hammond said that he will step down if Boris Johnson becomes the next

PM as he would be unable to accept a no-deal scenario as a possibility.

- UK focus this week turns to the leadership transition at the Tory party & No.

10. The result of the party's internal election will be announced on Tuesday and

PM May will officially resign the following day.