Still no news from UK PM May, but GBP is holding its ground for now
Cable is higher on the day, mainly on the back of USD weakness. The pair traded to a high of 1.3363 but has since given back some of its gains and is now at 1.3344.
Looking at the daily chart, there's a small range developing from last week as the topside is seemingly capped at the 23.6 retracement level of 1.3449 (level which was rejected twice) and the downside supported by the 38.2 retracement level of 1.3320 (level which was supported three times).
The pair remains underpinned for the time being, as dollar weakness is still prevailing in European trading. Do be wary that there is a large option expiry at 1.3350 for the pair, so that could be a factor in the price action as well.
