Recovery off Monday's UK Speaker react low....>

CABLE: Recovery off Monday's UK Speaker react low of $1.3185 (said that PM May

cannot put up her meaningful vote on her Withdrawl Bill for a third time unless

there are substantial changes). Cable recovered to $1.3259 before settling

around $1.3253 into the close. Late NY slippage continued in early Asia, the

rate recording a low of $1.3244, before fresh demand emerged. Recovery was given

an added lift by press reports, The Sun suggesting that UK PM May will request a

delay to Brexit by 9 to 12 months. Elsewhere, the Guardian reported that during

Thursday's EU summit, the EU will propose a 3 or 9 month extension to Article

50. Rate rallied to a high of $1.3281 before momentum faded and it eased off to

$1.3264. Rate has edged back above $1.3270 into Europe. Resistance remains at

and above $1.3280 with stronger interest into $1.3300(late NY cap Mar15/Mar18

high). Support $1.3244, $1.3220, $1.3200 ahead of $1.3185. 

- Brexit headlines remain the key driver in sterling. Data focus today seen on

UK Employment Report at 0930GMT. Wages in focus ahead of this week's BOE MPC

announcements, though the Bank has placed more emphasis on GDP and CPI. Brexit

uncertainty expected to keep BOE on hold.