GBP/USD last sits at $1.2477, almost..........>

CABLE: GBP/USD last sits at $1.2477, almost unchanged on the day.

- Bulls look to the 200-HMA at $1.2499, bears target $1.2427, the low of Jul 18.

- Monday saw cable slide into Europe amid continuing worries re: the possibility

of a no-deal Brexit. Losses were promptly extended as NIESR presented their

downbeat economic forecasts, warning that Brexit may have already triggered a

technical recession in the UK. A bounce from the intraday low of $1.2456 allowed

cable to claw back some of its earlier losses, but recovery was capped around

the WMR fix and cable closed 26 pips worse off.

- BoE's Haldane told BBC that Brexit undermines attempts to boost UK economy.

- We should learn the name of Theresa May's successor as the Tory leader and UK

Prime Minister later today. Boris Johnson remains the clear front-runner. The

new Prime Minister will formally assume his office on Wednesday.

- Foreign Office minister Duncan quit yesterday in an anticipation of Johnson's

victory, while Cll'r Hammond and Justice Sec Gauke are preparing to follow suit.

If Johnson becomes PM, he is expected to face a bout of resignations from

cabinet ministers & resistance from some rebel Tory backbenchers.