Rate late deals 5 or so pips higher at........>

CABLE: Rate late deals 5 or so pips higher at $1.2650. With a lack of Brexit

developments over the winter UK parliament recess, GBP is struggling for any

real impetus.

- Opposition Labour Party leader Corbyn has called on UK PM to push for an early

reconvene of parliament in the New Year. In an interview with the Independent

Corbyn suggested that the PM & her allies were engaged in a "cynical manoeuvre"

to run down the clock and offer MPs the "choice of the devil or the deep blue

sea." As a reminder, before Christmas the FT reported that "Theresa May has cut

short her cabinet ministers' Christmas break, summoning them to a meeting to

discuss a no-deal Brexit on January 2."

- Rate continues to have an inability to hold above the 21-DMA (at $1.2658

today) on a closing basis, keeping the broader outlook negative. Bulls need a

convincing break of $1.2700 to improve the short-term outlook. While these

levels cap, downside focus remains on a break of $1.2500 & YtD low at $1.2478.