Choppy price action observed to start the new week
Buyers somewhat hanged on to near-term support around 1.2253-61 and the low today even touched 1.2234, close to the 100-hour MA (red line). But the pound managed to pick itself up to post a session high of 1.2296 briefly moments ago.
The run-of-the-mill headlines are still doing the rounds as we continue to wait on the latest Brexit developments to progress.
The Brexit delay bill looks set to gain royal assent and be turned into law while opposition parties are meeting once again to firm up plans to stop a no-deal Brexit while Boris Johnson is in Dublin to try and build relations with Irish prime minister Leo Varadkar.
Meanwhile, an election motion still looks set to be called for later today and it looks set to be rejected once again – similar to last week.
As mentioned earlier, all of that is priced in already so until we hear of more surprises and further developments, expect this choppy and bouncy price action to prevail.