GBPUSD – Tenkan-sen holds pullback for now; politics seen as main driver today
|Cable fell back to 1.2700 support zone (daily Tenkan-sen/hourly cloud top) after posting marginally higher recovery high at 1.2759 on Monday.
The second attempt to clearly break above 1.2737 pivot (Fibo 38.2% of 1.2977/1.2588 downleg) was so far unsuccessful, however, bullish stance is expected to remain in play while 1.2700 support holds.
Markets are awaiting an announcement of Tory/DUP deal which could be supportive for sterling for fresh extension of last week's strong recovery rally from 1.2588 towards strong resistance zone at 1.2790/1.2815 (falling 20SMA/14-19 June lower platform).
Conversely, break and close below 1.2700 would generate fresh bearish signal for extended pullback from session high at 1.2759.
Res: 1.2737; 1.2759; 1.2790; 1.2815
Sup: 1.2700; 1.2674; 1.2653; 1.2625
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