GBP/USD falls to a session low of 1.2888
The election debate between Johnson and Corbyn yesterday was practically anything but a "game changer". If anything else, Corbyn may take more heart out of it but I doubt it will lead to any significant movements in the opinion polls.
Anyway, that's not what is driving cable at the moment as buyers start to lose a bit of a grip in the pair. Price is now tracking below 1.2900 and moving away from the 100-hour MA (red line). That means the near-term bias is more neutral now.
The key support level to watch in a further downside move will be the 200-hour MA (blue line) @ 1.2874. A break below that will see sellers establish a more bearish near-term bias.
The move lower in cable comes as the dollar is firming further against the rest of the major currencies bloc. USD/CAD is flirting with a break of 1.3300 while EUR/USD is down to a low of 1.1056 as well currently.
It's all about the risk mood in markets right now and so far, nothing is changing as US-China tensions stay heightened in European trading.
