Cable bouncing between lows of 1.3872 and high of 1.3900 in the past hour
On the hourly chart, we're seeing support at the 76.4 retracement level (23.6 level if you flip it) hold for the time being at 1.3882. The pair is now trading at 1.3887.
But the key support to watch out for is the 22 February low at 1.3857. If that breaks, it opens up the next move to 1.3800.
Just about anything goes when it comes to Brexit. The market is cautious and nervous ahead of this, and rightfully so. Cable is down by almost 0.2% on the day, but any stumbling blocks from the first legal draft would see further weakness in sterling today.
Barnier is due at the top of the hour, so in just about 2 minutes or so. Mike has a good preview of the legal text right here.
