- After this week's Brexit deal blowout, the Pound is struggling to gain momentum as uncertainty remains.
- A lack of data sees GBP/USD still trading at the mercy of Brexit-focused headlines.
GBP/USD continues to cycle just below the 1.2900 region, capped by refreshed indecision surrounding the Sterling thanks to Brexit, which is expected to continue delivering a bunch of unknowns, with investors once again waiting for clarity.
Following a blowout defeat in the House of Commons earlier this week, Prime Minister Theresa May succeeded in surviving yet another no-confidence vote, though Mrs. May's path forward on Brexit remains as unclear as ever with a deadline of Monday to deliver an alternative Brexit deal, and the Pound is left to survive on its own amidst the question marks.
The economic calendar is free of any UK data for Thursday, but with traders focused entirely on Brexit regardless, all eyes will be on continued headlines focusing on PM May as she scrambles to get a workable plan together in time for Monday.
GBP/USD Levels to watch
Despite being unable to generate meaningful bullish momentum, the Cable has a positive technical stance, according to FXStreet's own Valeria Bednarik:
The 4 hours chart offers a neutral-to-positive stance, as technical indicators head nowhere, right above their midlines, while the pair develops above a bullish 20 SMA, which acted as dynamic support all through the day. The 200 EMA grinds marginally higher at around 1.2750, drawing a line in the sand for bulls' conviction.
Support levels: 1.2830 1.2805 1.2765
Resistance levels: 1.2900 1.2930 1.2960
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