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Cable pares earlier losses to rise to session highs

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GBP/USD rises to a high of 1.3117 on the day


The dollar is failing to get a further lift on the day as it pares all of its earlier gains with the dollar index basically flat and moving lower on the day. Suddenly, the dollar and the yen appears to be much correlated again as the move coincides with a lift higher in E-minis over the past half hour:

Add to the fact that Theresa May is seeking to strike a compromise between European leaders and her own faction in the UK on extending the transition period – by suggesting an option to do so – the pound’s negative sentiment has been trimmed somewhat.
But it doesn’t change the GBP/USD picture all too much just yet. As mentioned earlier, there is daily support from the 100-day moving average @ 1.3094 and that will be a key level to eye in the session ahead while the move higher in price here is still nowhere near testing the hourly moving averages.
That means near-term bias remains more bearish for the pair and this is more of a retracement than a rebound/recovery. The key risk to come will be the retail sales data at the bottom of the hour. However, as mentioned in the data docket preview, economic data is more of a passenger for the pound these days with the main driver being Brexit still.

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