GBP/USD resisted the initial round of.........>

CABLE: GBP/USD resisted the initial round of risk-off flows, likely thanks to

the potential for measures aimed at stimulating economic recovery (see below),

and has crept higher as broader sentiment improved. Cable has 23 pips thus far

and changes hands at $1.2372.

- UK PM Johnson may unveil further steps to reopen the economy and relax social

distancing rules as he appears in parliament on Tuesday.

- The PM was also planning to relax Sunday trading restrictions, but per the

Telegraph a group of 50 Tory MPs threatened to vote against such legislation.

- In addition, the Times reported that Cll'r Sunak has asked off'ls in the Tsy &

HMRC to prepare options for a VAT reduction next month. 

- Bulls look to claim Jun 18 high of $1.2567 before attempting a move at Jun 16

high of $1.2688. Meanwhile, a fall below the 61.8% retracement of the May 18 -

Jun 10 rally at $1.2358 would expose Jun 1 low of $1.2322.

- Flash Markit PMIs are due out of the UK on Tuesday. Elsewhere, BoE's Bailey

speaks Tuesday & Haldane makes an appearance on Thursday.