Tough to find any momentum
The good news for the pound is that it's not falling any more.
The bad news is that it can't seem to get off the floor.
Cable made an enviable move to the upside as it grinded to 1.2182 earlier today but it's slowly faded away once again and just hit a session low of 1.2127 -- down 17 pips on the day.
For all the intensity of markets elsewhere over the past week, the Brexit story has taken a bit of a backseat. The latest thinking is that Boris Johnson might try to call an election around the end of October, forcing a no-deal Brexit.
Or at least it would technically be that because the EU would unilaterally extend the partnership to limit the economic damage. That would give Johnson some political backing to say he 'took the UK out of the EU' without having to deal with any of the economic fallout.
It all sounds a bit far-fetched but that's the kind of thing some people in the market are clinging to because there's no viable path forward.
