GBP/USD trades flat at $1.2258 as we type,....>

CABLE: GBP/USD trades flat at $1.2258 as we type, after shedding 74 pips

yesterday, as a combination of monetary policy & Brexit matters pressured

sterling to the bottom of the G10 pile. BoE Dep Gov Broadbent told CNBC that the

central bank may need to add monetary stimulus & refused to rule out negative

rates. Elsewhere, the main German business lobby accused UK gov't of not taking

Brexit negotiations seriously, which might result in an"economic catastrophe".

- UK Cll'r Sunak decided to extend the state furlough programme by another four

months, but told lawmakers that he doesn't intend to extend the scheme further.

- The rate hovers just above $1.2248, the low of Apr 21. A fall below that level

would clear the way to the next key support level at $1.2166, the low of Apr 7.

Bulls need a move through May 5 high of $1.2484 to open up key resistance from

Apr 30/14 highs of $1.2643/48.

- UK focus today turns to monthly economic activity indicators and flash

quarterly GDP data. BoE Gov Bailey will speak on Thursday.