GBP/USD hit a session high of 1.3377, but has since moved lower now to 1.3366

GBP is still holding steady as we await news from UK PM May as she will be addressing the House of Commons later. According to BBC here, it should be around 1530 GMT.

Anyway, the calm before the storm sees the GBP higher on the day - only behind the EUR. Meanwhile, the USD is softer as traders turn their attention to the uncertainty that the tax bill vote brings. As I said, traders are looking at the issue as a "it's not done until it is done" kind of thing right now.

Cable moved to a high of 1.3377 but when you look at the hourly chart, there are some resistance levels for buyers to break through still. The 100 and 200-hour MA are just sitting nearby at 1.3373 and 1.3384 respectively. And that's keeping a lid on the pair for now.

As I pointed out here earlier, there's good support at 1.3320 - but now to the upside, looking at the immediate picture, this is a level that's helping to cap the pair for now.