Headline sends GBPUSD lower.
A UK source report is out saying that the UK plans to quit Brexit talks if no deal seen by October 15.
This runs by counter to the more hopeful comments from Frost/Gove and has sent the GBPUSD quickly lower.
The pair moved to a new session low and in the process got very close to the 50% retracement of the move up from the September 23 low. That level comes in at 1.28401. The low price reached 1.28429.
The price has also dipped below the 200 hour moving average and 38.2% retracement near 1.2880. That will now be close resistance. If the price can stay below, that would keep the sellers more in control. A move above would muddy the waters a bit.
The high today stalled against its 100 hour moving average near 1.2925. The inability to get and stay above that level gave sellers the reason to sell in the London morning session.
Meanwhile: UK Gove is saying we are making progress in joint committee, and the EU has recognized that exit summary declaration are not strictly necessary for the single market integrity.
Let's face it, the headline news has the potential to continue to whip the GBPUSD pairs around.
