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Cable erases Monday’s losses, closes in on key resistance levels

GBP/USD pares all of its losses from yesterday’s trading


On the week, GBP/USD is now up by 0.03%. A continued push towards a breakthrough in Brexit negotiations is helping to lift the pound over the past few hours and that is fueling a commanding rally in cable with the dollar a little sluggish today.
Cable now is working its way towards a test of the 100-hour MA (red line) @ 1.2995 with the 200-hour MA (blue line) sitting not far away @ 1.3017. Those two levels will present a key test for buyers alongside offers at the 1.3000 handle.
Break above those levels and near-term bias turns more bullish and will help to build a rally back towards last week’s high @ 1.3175.
However, make no mistake. It’s all about headlines more than technical levels at this point in time. Although things are looking more optimistic for the time being, all it takes is for Cabinet to shoot down the backstop text and that will temper with the recovery seen in the pound today.

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