Sterling extended its corrective pullback.....>

CABLE: Sterling extended its corrective pullback in the aftermath of yesterday's

parliamentary Brexit votes. Cable dropped to initially to $1.3057, from a pre

amendment vote high of $1.3169(Jan29 high $1.3200) as the House of Commons

rejected the Cooper amendment, which proposed an extension of art. 50 to the end

of 2019 if PM May failed to secure a deal with Brussels by late Feb; a brief

jump to $1.3120 as the Brady amendment passed before rate sank to $1.3057,

closed around $1.3070. Lawmakers voted in favour of the Brady amendment,

replacing the Irish backstop with "alternative arrangements"(no details) & the

Spelman amendment, which states that the UK will not leave the EU without a

deal(advisory, not binding). PM May is expected to have a hard time trying to

sell the amended deal to the EU after Brussels reiterated that the current deal

is not open for renegotiation. However, EU has been asking for what the UK

wants, and PM May still has the No-Deal negotiating threat although this

situation has little parliamentary support, so ball now seen in the EU's court.

Cable recovered slowly through Asia but met resistance into $1.3100(high

$1.3099). Support $1.3062/57.