The pound continues to find some support as cable hits a session low of 1.2658 before climbing back up above 1.2700 now
- Brexit: DUP said to be unlikely to support anything that is negotiable
- UK government said to be downbeat on chances of a Brexit deal
- EU said to see Brexit deal as impossible unless the UK moves
The pound has been running into a couple of setbacks from Brexit headlines this morning and the currency is trading lower on the day but it isn't exactly falling apart just yet.
Cable is continuing to run into dip buyers at support from the near-term trendline at 1.2671 as well as the 23.6 retracement level @ 1.2662.
That is proving to be a stubborn area that sellers cannot break below for the time being.
It has been a volatile morning for the pound as price action is running all over the place with Brexit risks heightened at this point in time.
What matters now is to look towards Brussels to see if both sides can still find some common ground before the end of the day.
For Boris Johnson, he has much taller order to try and convince the DUP and ERG to get on board. Otherwise, whatever negotiations that is taking place right now means nothing.
