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CABLE: Sterling underperforms its G10 peers in early Asia-Pac trade, as Brexit
news flow from over the weekend weighs on the currency. As a reminder, the UK
House of Commons is heading towards a key Brexit vote, scheduled for Tues, with
many expecting the gov't to suffer another defeat. Cable last sits at $1.2984,
31 pips worse off on the day. Worth mentioning that UK Foreign Sec Hunt warned
that rejecting PM May's deal on Tues might prevent Brexit from happening at all.
Elsewhere, the Telegraph reported that the EU might increase the UK's divorce
payment, if the country decides to ask for an extension to Art. 50.
- Cable finished 70 pips worse off Friday, as London and Brussels failed to make
progress in their talks on a divorce agreement, with EU chief negotiator
Barnier's proposal re: altering the Irish backstop promptly rejected.
- Initial support noted at $1.2986, which represents the 200-DMA. Below here
opens the 50-DMA at $1.2970. Conversely, bulls eye the Feb 20 low of $1.3012,
followed by the lower 1.0% 10-DMA envelope at $1.3043.
- UK focus turns to remarks from BoE's Haskel due Mon; industrial/m'fing
production & trade bal hit on Tues, but may be overshadowed by the Brexit vote.