Cable nudges a tad lower as no white smoke from Brexit negotiations just yet

Technical Analysis

Author: Justin Low | gbpusd

GBP/USD down near the lows for the day close to 1.3250

GBP/USD H1 20-11
The pair got a bit of a nudge lower from 1.3265 to 1.3250 as the EU briefing today appears to be pretty much the same old, same old like the ones we have heard previously.

The latest "update" is that there are still no breakthroughs on the key outstanding issues i.e. level playing field, governance, and fisheries, with talks to continue next week.

Essentially, it just echoes that the status quo remains but perhaps we may hear more details and whispers about the overarching mood in the coming hours.

For now, there isn't any reason to lose hope just yet but there is no white smoke to suggest that a deal is imminent ahead of the weekend (for now at least).

Looking at cable, price action is pretty much confined between the key hourly moving averages and the 1.3300 level at the moment.

Buyers defended the 200-hour MA (blue line) yesterday before gradually pushing the pair higher but the double-top at 1.3300 remains something to be mindful about.

Keep below that and sellers are still staying in the game but more work needs to be done to push back against buyers with the key hourly moving averages @ 1.3220 and 1.3241 set to offer support against any downside push for now.

Further support/bids are then seen closer to the 1.3200 level if the above gives way.
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