GBP/USD around 1.2800, close to weekly lows
|- Cable manages to regain 1.2800 and above so far.
- Brexit negotiations and PM May’s government stay in centre stage.
- UK’s Public Sector Net Borrowing expanded more than estimated.
GBP/USD supported near 1.2770
Cable has managed to regain some attention following Tuesday’s pullback to the 1.2780/75 band, where some decent support emerged.
In the meantime, the absence of fresh headlines around Brexit or PM May’s government left the price action to the mercy of USD-dynamics and the broader risk appetite trends for the time being.
In the UK’s calendar, Public Sector Net Borrowing expanded more than estimated to £7.96 billion during October. Looking ahead MPC member Saunders is due to speak tomorrow.
GBP/USD levels to consider
As of writing, the pair is up 0.15% at 1.2807 facing the next hurdle at 1.2885 (high Nov.19) seconded by 1.2903 (21-day SMA) and then 1.3074 (high Nov.14). On the other hand, a breach of 1.2724 (low Nov.15) would open the door to 1.2696 (low Oct.30) and finally 1.2662 (2018 low Aug.15).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.