GBP/USD hones in on support at 1.3290-00 currently
The pound is now down by over 100 pips against the dollar today as Brexit hopes continue to get dashed little by little and that is seeing cable meet a fresh low of 1.3304.
The pair was trading higher around 1.3440 earlier but has succumbed to the Brexit angst in European trading today, with a deal seemingly still nowhere in the horizon.
Talks are still ongoing in London and Barnier, Frost will only reveal the state of play tomorrow but so far the headlines are not suggestive of any progression since last week.
This could all still be part of the political theater and perhaps more political posturing as the EU looks to try and squeeze some concessions from the UK but we'll see.
Back to cable, sellers are now in near-term control as we see the confluence of the key hourly moving averages give way. Support around 1.3290-00 now comes into focus and a break below that could present a slippery slope for the pair towards 1.3200 potentially.
These are jittery times for the pound and headline risk means everything right now.
