UK PM May steps up to make her latest keynote Brexit speech at 13.30 GMT
The pound and its traders wait with bated breath as May sets out what we can only hope can be a more definitive position on Brexit but will likely fall well short of target.
The speech will also respond to the EU's legal text draft which highlighted Ireland, customs union and single market and brought a dismissive reply from May.
Transport minister Grayling this morning has told the BBC the speech "is designed to set out in detail the deal UK wants and to be a good friend and neighbour to the EU" but it will also s"et out the things we can't have " so yet another cherry-pick wish-list expected overall but lots of peacock-suiting too.
The BBC has more on the speech here
Both the UK and the EU must share the blame for the negotiating fiasco so far but the UK has been less than consistent amid govt in-fighting and do need to set out a clearer position. That said, it will still take a lot to bring the two sides together on a mutually acceptable deal.
Either way it promises to be a lively NA session with large option contracts in play at 1.3800 and currently helping to cap rallies along with EURGBP demand as EURUSD continues to benefit from option-related demand.
GBPJPY continues to be a prime mover too and I stand by my rally sell strategy
GBPUSD currently 1.3785 after failing above 1.3800 again with EURGBP back up to 0.8935 and GBPJPY on session lows at 145.10.
UK PM May has a lot of questions to answer today
