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USDJPY TECHS

Support Remains Exposed

US TSY FUTURES

Poised to Extend Midday Lows

EURGBP TECHS

Recovery Holds For Now

EURGBP TECHS

Recovery Holds For Now

EURO-STERLING
EURO-STERLING: Sits back within its 1.0% 10-dma envelope, having spent most of
last week outside. Rate has extended its corrective recovery off Friday's low of
Gbp0.8618 to Gbp0.8698(Jan23 low) in current trade (saw a high Monday of
Gbp0.8695 where it met decent resistance in NY). Resistance is seen into
Gbp0.8700, a break to open a move toward Gbp0.8711 (38.2% 0.8863-0.8618) ahead
of the Jan24 high of Gbp0.8725. Support Gbp0.8680, Gbp0.8665/60. 
- Envelope parameters currently at Base Gbp0.8654, Top Gbp0.8829 (2.0% Envelope
Gbp0.8567-0.8916)
- Position adjustments have seen GBP off its recent best levels, weighed by
press reports stating that PM May wants Tory MPs to back the "Brady amendment",
which would replace the Irish backstop with "alternative arrangements", in an
attempt to forge an intra-party compromise. Aforementioned reports hit after the
EU Commission spokesperson reiterated that the Brexit deal is not open to
renegotiation. As a reminder, amendments to the deal are due to be tabled from
1900GMT Tuesday.