The Pound remains strong despite being staying in a range-bound for almost a week, as PM Johnson’s struggle seems to please the Cable buyers as it finally indicates either a soft Brexit or no departure at all. Although, the European leader has been disappointed with the UK’s working style and claimed no strong solution have come up from Britain. MP John Bercow has pledged creativity in Parliament to stop Boris Johnson and a no-deal exit. With the lack of macroeconomic data coming out from the UK today, the focus remains on any Brexit development throughout the day. In addition, a possible weaker Dollar across the board could push the Sterling higher.
The Sterling bulls are holding ground above 1.23 and the 50-day moving average so far. However, the buyers need to take out 1.2385 resistance ASAP before losing momentum. The bears, on other hand, will attempt to break below 1.23, if successful then their next target will likely be 1.2250.
Support: 1.23 / 1.2250
Resistance: 1.2385 / 1.2450