The Conservative/Labour Brexit dance..........>

CABLE: The Conservative/Labour Brexit dance continues, though still undecided to

who is leading. Hopes abound that some kind of resolution to the Brexit saga can

be agreed, which would stand a chance of passing through Parliament. However, as

a passive observer one would think that either side is trying to pull the other

off-side rather than achieve a exit agreement. The market retains some hope that

the UK has moved a little further away from a no-deal scenario with an extension

expected to be applied for on Wednesday, and hopefully granted. Talk currently

suggests 9-months, with the Govt making plans for the European elections in

case. Cable seen in consolidation phase with a slight underlying buoyant tone.

Rate edged up from an early Asian low of $1.3027 to $1.3072 ahead of London,

whereupon it slowly drifted off to a post 1600BST fix low of $1.3035 before it

picked up fresh demand that took it to $1.3074 at the Europe close. 

- Resistance seen into $1.3080, $1.3100 and $1.3120/25. Support $1.3035/25,

$1.3000.