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Cable rises above 1.3100 as sterling recovers some poise

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The pound is the best performing major currency on the day now


After holding onto key support levels highlighted earlier, pound buyers look like they’re not throwing in the towel just yet. Price has now moved higher following Raab’s comments here but I’m not seeing anything new of note. Raab is mainly reiterating the same thing that they remain confident of a deal but it’s pretty much a broken recorder of the rhetoric we’ve heard since August.
But either way, the pound is catching a bid across the board against the rest of the major bloc and notably cable has moved back above 1.3100 and closes in on a test of the 200-hour MA (blue line).
For sellers, hold below and near-term bias remains more bearish but if price breaks above then that bias will disappear. For buyers, that will be the first key test followed by the 100-hour MA (red line) @ 1.3163.

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