GBP/USD moves to a session high of 1.2884, tests 200-hour moving average
The pound is finding some light bids to start the session with cable inching up to test the 200-hour MA (blue line) currently.
Buyers managed a break above that overnight but it failed to hold amid resistance/offers at around the 1.2900 handle. As such, that will also remain a key hurdle for buyers in trying to establish more near-term control in the pair again.
There isn't really much news to work with at this point in time as it now all depends on election sentiment. But with a 12 December election all but locked in and with the Tories odds-on favourites for now, it should keep the pound underpinned.
However, I reckon we could see price range between 1.28 to 1.30 as long as sentiment remains somewhat similar to this over the next few weeks.
In short, near-term technical levels will be of more focus at this stage with roughly six weeks of election talk to overshadow the Brexit drama.
As such, I wouldn't expect the pound to go trending but to play around a relatively narrow range as it ebbs and flows based off election sentiment.
