Sterling was yet again the worst G10..........>

CABLE: Sterling was yet again the worst G10 performer on Wednesday, extending

its losing streak inspired by the latest Brexit developments. Cable last trades

at $1.2665, barely changed on the day.

- GBP/USD slid into the European morning on Wednesday and continued to decline

as fresh Brexit/political headlines hit the wires. Rumours suggesting that PM

May might resign in the evening were circulated by the press, fuelling

uncertainty. Cable staged a shallow recovery attempt post-WMR fix, but eased

into the close as Commons leader Leadsom resigned from Cabinet, citing her

disapproval of PM May's Brexit policies.

- Elsewhere, Tory backbenchers decided not to change internal regulations to

make ousting May possible, but their chief Brady will meet the PM on Friday.

There is talk of the 1922 Committee exp. the PM to tell Brady that she will quit

by Jun 10.

- Bears look to $1.2600, bulls target May 21 low/Dec 13 2018 high of $1.2785/87.

- The UK votes in the European elections on Thursday, while UK retail sales come

out on Friday, but Brexit matters will likely remain the key driver.