Saw an early high Monday of $1.2825 only to...>

CABLE: Saw an early high Monday of $1.2825 only to pare gains to touch a low in

early NY of $1.2699. Rate did manage to recover to $1.2752 post the London fix

before it settled between $1.2720/30 into the close. Early consolidation in Asia

saw rate confined between $1.2720/28 before an easing in UST yields led to

general downside pressure on the USD which allowed rate to recover to $1.2753

into Europe. Rate eased to $1.2730 in opening European trade, currently around

$1.2740 at writing. Resistance remains above $1.2750 ahead of $1.2765-80,

stronger into $1.2800. Support $1.2720, $1.2700-1.2690. A break below this

latter area could add stronger downside pressure on the pound. Considering the

ongoing Brexit discussions sterling has been confined to a reasonable tight

range, traders noting that investors are holding toward the side lines to see

how PM May's Brexit deal progresses. On that note, Parliamentary debate for the

deal was due to start today but has been delayed by an emergency debate,

requested by the opposition, if PM May is in contempt of parliament for refusing

to publish full legal advice. Announced Monday, Glaxo to acquire Tesaro for

$4.16bn.