Cable moves to a session high of 1.2874 to start the week
There isn't much news driving the pound higher to start the day but perhaps Boris Johnson's Conservatives avoiding a manifesto slip up (like the one we saw with Theresa May back in 2017) is a bit of a step in the right direction.
That said, I wouldn't really put much thought into that because the circumstances back then and today are so very different.
The bounce in cable comes after buyers held their ground at minor support around 1.2820-25 but sellers remain in near-term control for now.
Price action continues to sit below the key hourly moving averages and unless buyers can challenge the 100 and 200-hour MAs near 1.2900, there is little conviction to eye for a move back towards the highs posted last week.
I am still of the view that the pound remains a bit of a choppy trade for now as we look towards the 12 December election.
Sure, price may see some decent action in between now and polling day but there really isn't a "clear" trend to work with as election sentiment continues to sit more or less the same since the start of the month.
