Cable falls to a fresh session low of 1.2104
The pound is starting to finally give way as sellers begin to overwhelm buyers in a move towards the 1.2100 handle. The topside move on Friday was capped by the 100-hour MA (red line) and sellers have built on that as they seized near-term control to drive price lower.
Right now, cable is approaching support near the 1.2100 level with the swing region around 1.2110-20 also offering some added region for buyers to potentially lean on.
As it stands, the political uncertainty in the UK is arguably at the highest it has ever been in the entire Brexit debacle and that presents real risks for the currency going forward.
Right now, there doesn't look to be encouraging signs that lawmakers can stop Boris Johnson via legislation. As such, we're most likely staring down a fork in the road of either moving towards a no-deal Brexit or a general election.
