Cable rebounds from 1.2456





The Saturday cover of Der Spieger is hilarious.







On that note, cable is up off the floor in a bounce that started precisely at 8 am ET (1200 GMT).







The 1.2450 area is beginning to establish itself as support and is the area to watch this week.







It's looking like a coronation for Johnson as the counting of the votes for Conservative leadership gets underway. The oddsmakers have him anywhere from 1/100 to 1/40 with Hunt around 20/1.







Looking at the chart, at best this is consolidation ahead of a bottom but there's a clear line lower and the uncertainty isn't going to evaporate after Johnson.







I like cable because I strongly believe a hard Brexit will never happen. Last week's vote in parliament underscored that and yet GBP still can't get off the floor. I doubt it will until there is some kind of path towards an election, another referendum or a softer Brexit. In the meantime, fear reigns.



