GBP/USD last trades at the opening price of...>

CABLE: GBP/USD last trades at the opening price of $1.3043. This occurs after

cable closed 7 pips worse off yesterday, with price action driven primarily by

Brexit rhetoric. The rate was pressured around London noon time upon the release

of a BBG sources story stating that getting a Brexit deal next week is unlikely,

but quickly bounced back before fading again later in the day. Elsewhere, UK

Brexit Sec Barclay & Attorney Gen Cox held talks with chief EU negotiator

Barnier yesterday, but no breakthrough was apparent, while BBG cited EU sources

stating that Brussels expects the UK to request a 3-month delay to Art. 50.

- The press also reported increasing tensions within the Labour and Tory

parties, with multiple MPs threatening to rebel against their leaders on Brexit

matters.

- Initial support noted at yesterday's low of $1.3023, followed by the 100-HMA

at $1.2998. Conversely, bulls look for a jump above the upper 1.0% 10-DMA

envelope at $1.3070 before targeting yesterday's peak at $1.3095.