Cable continues to sit in no man's land as Johnson tries for an election again
Despite the fact that price is staying below the key hourly moving averages, putting sellers in near-term control, it doesn't feel like there is any momentum for cable to go chasing a downside move at the moment.
That's because buyers are still keeping hope, as evident by their defence of the 1.2800 handle, that the UK is still somewhat close to a Brexit deal being approved.
As such, it is putting cable price action in limbo as there is no conviction for buyers to break above the key hourly moving averages around 1.2856-84 while any downside remains limited close to the 1.2800 level.
Looking ahead today, it is all about whether or not we will see the UK move towards an election in yet another parliamentary vote.
There is no firm indication that the numbers are there for Johnson to finally get one at the fourth time of asking but there is no firm indication that he will fail as well.
At least not yet.
Expect to hear more rumours/reports during the day, especially as we move closer to the vote, on whether or not we will see the SNP and Lib Dems offer Johnson the simple majority he needs for a December election.
