GBP/USD is threatening a break of the 100-hour moving average
The pair falls to a session low of 1.2591 as the pound is losing some ground while the dollar is also advancing across the board. The greenback has worked its way to session highs for the day now after weak French data is compounding worries for the euro on the day after Draghi's dovish tone yesterday.
For cable, the pair is threatening a break below the 100-hour MA (red line) now and if sellers are able to hold below that level, the near-term bias turns more bearish.
As mentioned earlier here, the Brexit saga appears to have be taking a breather as European and UK leaders are set to enter their Christmas break but a key sticking point on the backstop clarification/assurance is still making it tough to settle on a narrative at the moment.
In the meantime, expect pound sentiment to be driven by technical levels so keep an eye on the near-term levels above.
