Can cable sellers successfully seize near-term control this time around?
GBP/USD eases back under its 100-hour moving average
The pair continues to play ping pong between the key hourly moving averages as the recovery overnight runs into resistance from the 200-hour MA (blue line) before falling back now.
Sellers are looking to firmly crack below the 100-hour MA (red line) @ 1.2832 and are hoping to finally hold below said level after two days of trying this week.
There is some minor support @ 1.2825 and the 23.6 retracement level @ 1.2818 but a firm break below the 100-hour MA should give sellers some conviction to try and test the support and bids near the 1.2800 handle next.
There isn't much news driving the pound at the moment as election sentiment continues to dominate the trading rhetoric in the currency.
I am still of the view that buyers and sellers can easily push and pull between 1.27 and 1.30 as long as sentiment stays the way it has been over the past few days.
As such, look towards the technical levels for more of a clue on how the short-term flows are playing out in the meantime.