GBP/USD sits 9 pips lower at $1.2456, after...>

CABLE: GBP/USD sits 9 pips lower at $1.2456, after falling 50 pips yesterday and

touching a fresh YtD low of $1.2440, the worst level since Apr 2017.

- Bearish focus remains on $1.2440. The 76.4% retracement of $1.1841-$1.4377 and

the previous YtD low intersect at $1.2439 and $1.2441 respectively, giving more

importance to the level. Bulls look to clear the Jun 18 low of $1.2506.

- An amendment designed to prevent the suspension of parliament passed in the

Commons by a single vote, forcing the gov't to update lawmakers on Northern

Ireland fortnightly (which arguably necessitates parliament being in session).

- Candidates to take the helm of the Tory party clashed over the matter in

yesterday's debate, with Johnson refusing to rule out prorogation of parliament.

- Leaked comments from the UK ambassador to the U.S. criticising the Trump

administration opened a diplomatic spat between London and the D.C. U.S. Pres

Trump fired a salvo of Twitter rhetoric, while UK gov't stood behind its envoy.

- UK monthly GDP, industrial/m'fing output and trade balance take focus today.

The BoE will publish its Financial Stability Report on Thursday, while MPC

members Tenreyro and Vlieghe will speak today and on Friday respectively.