The British Pound remained relatively unchanged yesterday in a slow and non-volatile session, despite somewhat positive headlines from the UK. The British political environment is quite supportive to the PM Johnson as Brexit party leader is finally negotiating a deal with Tories to pull back some from his 600 candidates to support the ruling party win in the December month election. However, his condition no to support the Tory leader’s Brexit deal in the parliaments seems to tame the optimism in the market place. Today, traders will be looking to any new political headline to react on, as yesterday’s news did not have much effect on the sentiment.
The Cable kept trading around the 50-day moving average during the whole day yesterday. The bulls need to find momentum to push price above 1.2930 to change the dynamics in the market. On the other hand, the bears need to break below 1.2850 to change the sentiment in their favor.
Support: 1.2850 / 1.2790
Resistance: 1.2930 / 1.3011