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CABLE: It has been a more muted Asia-Pacific session for the GBP crosses with
cable sticking to a 20 pip range thus far, last 10 pips or so softer at
- Cable's round trip was the highlight of Monday's session. Political wrangling
saw GBP modestly bid across the late Asia/early EU session, after dissenting
Brexit Min Davis resigned, which allowed the market to believe the passage of a
soft Brexit would be easier for PM May. This sentiment was short-lived, as
Foreign Sec Boris Johnson's resignation saw traders sell GBP/USD from $1.3363 to
$1.3190. The cross picked up later in the session after a bullish appearance
from the PM in front of Commons and clarification that Jacob Rees-Mogg (a front
runner for the Conservative leadership & hard Brexiteer) hadn't tabled a no
confidence vote in the PM and doesn't expect one. This allowed GBP/USD to turn
bid, and trade back to flat levels in late U.S. dealing.
- Support is noted at Monday's low ($1.3190), with resistance observed at
Monday's high/the 23.6% retracement of the $1.4377-1.3050 move ($1.3363).
- UK output/ONS monthly GDP data add to the political risk later today.