GBP/USD was the biggest mover throughout a....>

CABLE: GBP/USD was the biggest mover throughout a very quiet NY session on

Wednesday. The UK government's meaningful vote victory (319 to 303) over the

rebels saw cable climb 40 pips to $1.3216, before fading, last ~$1.3150.

- Immediate risk events come in the form of Thursday's BOE MonPol decision & an

evening speech from BOE Gov. Carney. The market is treating Thursday's Bank of

England meeting as a staging ground before the main event in August when the MPC

is next expected to raise rates: According to MNI PINCH the market-implied

probability of a 25bps hike at the June meeting is less than 2%, but jumps to

45% for August. While the jury is still out on whether the Q1 slowdown was a

temporary blip or the start of a more pronounced deceleration in economic

activity, the BoE can cite a slew of recent positive data releases (services

PMI, retail sales and CPI) to support a hawkish trajectory for the bank rate.

- The pair has breached hourly support at $1.3160, with the next notable level

of downside interest seen at $1.3129 (1.618% swing $1.3151-87).

- Nearby options interest comes in the form of GBP1.16bln worth of $1.3200-05

expiries at today's 10AM NY cut.