Cable eases to 1.3100 as the dollar keeps steadier so far on the session
The dollar is maintaining a slight advance for the most part thus far
The dollar is holding its ground on the session and is keeping a modest advance against the pound, as cable slips to a session low of 1.3093 and testing the 1.3100 handle.
A drop under the figure level would give sellers some slight reprieve but as things stand, buyers are still in near-term control.
A drop towards the 38.2 retracement level @ 1.3075, below last week’s high of 1.3083, would present a stronger argument that buyers are losing momentum after meeting resistance at the 61.8 retracement level of the swing move lower in September @ 1.3174.
The pound largely gained on the fact that Brexit talks are resuming once again this week, but it remains to be seen if both sides can work through the current differences with the same outstanding issues still preventing a compromise from being struck.
As much as the situation has “improved” (in some convoluted sense) compared to last week, we’re not necessarily closer to a Brexit deal now than previously.
So, perhaps with the pound rally stalling at a key level, there is room for trepidation for buyers unless there are hints that Brexit talks are indeed making significant progress.
But for now, the chart will do well to indicate the bias in the pair and as long as buyers can keep above 1.3100, sellers also have reason to question themselves – especially when considering the situation with the dollar.
EUR/USD is still holding above the 9 October high @ 1.1831, USD/JPY is still resting under 105.00, and AUD/USD is also keeping a more neutral near-term bias despite retracing gains towards 0.7100 to start the session.
In short, the dollar is holding its ground for now but it isn’t really making any major plays to reverse the selloff from yesterday just yet.
Source: Technical analysis
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