GBPUSD touched fresh ytd lows of $1.2507......>

CABLE: GBPUSD touched fresh ytd lows of $1.2507 yesterday on react to PM May's

deferral of the Meaningful vote, before staging a modest recovery into the NY

close. A quieter session overnight has seen GBPUSD held to a narrow $1.2552-83

range with markets waiting for European traders to arrive and the next wave of

Brexit headlines. PM May is scheduled to meet EU leaders in Brussels today ahead

of Thursday's summit, while Corbyn has secured a three hour emergency debate on

Brexit later today. The UK Labour report is scheduled for release at 0930GMT,

but if the MNI median is anything to go by, it will be a release that does not

see much action as the unemployment rate is expected to remain at 4.1% and

headline earnings and core earnings are scheduled to remain at 3.0% and 3.2% on

a 3M Y/Y basis respectively. Should we look to re-test yesterday's low, traders

report of protection ahead of the $1.25 handle. GBPUSD last $1.2569.