Cable stays buoyed, trading at session highs around 1.3045
In my view, the slight nudge higher in European trading is hardly to do with the data and more so to do with buyers having leaned on the 1.30 handle for some base to push price up.
The pound is continuing to find itself in a bit of a struggle since the election but perhaps a base around the 1.30 handle may help to provide some relief in the near-term. That said, buyers still have much more work to do in trying to chase any upside moves from here.
The 1.31 level will be a key spot to watch before moving towards testing the key hourly moving averages @ 1.3148 and 1.3198 respectively.
As if post-election sentiment isn't volatile enough, the pound also has to navigate through year-end trading conditions and that won't really help traders too much; as excessive choppy trading may factor into pound pairs as we look towards the end of the year.
Looking ahead today, there is the Brexit bill vote to look forward to but that is largely expected to pass without any hiccups. As such, the pound will see no-deal Brexit fears confirmed going into next year but there is still hope that trade negotiations can go well.
Let's see how much that hope is worth in trading next year.
