Cable trades in between both its key hourly moving averages today
The pound is a little higher on the day but is not really doing a whole lot after the climb above the 100-hour MA (red line) against the dollar. Price is moving towards 1.2960 but so far there is little poise to go chasing a move towards the 200-hour MA (blue line) @ 1.2973.
Just take note that there is also the 100-day moving average @ 1.2975 (depending on your broker, it could be between 1.2955-75) so I would say that the resistance region around here will be key to watch in the day ahead.
I wouldn't look too much into price action in cable for now until something gives way. Looking ahead this week, the UK will also publish its post-Brexit trade negotiating mandate on Thursday so that will be a key risk event for the pound.
Otherwise, just be mindful of month-end flows as well - especially in EUR/GBP - that may limit gains for the quid during the sessions ahead.
In any case, you can keep an eye on the technical levels above for a sense of bias on how the pound is trading for now. So, with the near-term bias more neutral between 1.2924 and 1.2973 - also near the 100-day moving average - it isn't telling us all too much.
