Technical Analysis

Cable climbs to session high as pound holds steady to start the week

Fresh Brexit developments are still awaited though


Considering that Brexit headlines are to be few and far between this week, pound trading could be a lot choppier than usual over the next few days. Making matters worse is that there will be key economic data releases from the UK via the inflation and labour market reports.

That is just going to blur the current trading picture and cause price action to be harder to interpret as real money flows will stay sidelined awaiting fresh Brexit developments. I reckon that makes for opportunities to capitalise on short-term intra-day moves in the pound but probably nothing more.

At the end of the day, the pound will only hold key directional moves based on Brexit headlines so don’t expect this week to set the tone for how the currency will trade over the coming weeks/months.

As for cable right now, price is looking to test a move above the 1.3100 handle again as price rises to a high of 1.3106. Buyers are looking to seize near-term control but there is key resistance that is keeping any upside limited around 1.3120-25 for the time being.

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