GBP/USD moves back to the swing region between 1.3035-50
Sellers are in near-term control after having fended off an overnight move to the upside to test the 200-hour MA (blue line). The fact that the UK parliament failed to settle on a majority option in indicative votes helped to solidify a move lower thereafter.
Price now is testing the support swing region between 1.3035-50 once again and a break beyond that will open up a move towards testing the 1.3000-10 level next.
Although the pound is weaker on the day, the nudge lower in cable is also helped by the fact that the dollar remains firm as it trades to a high against the likes of the euro, loonie, aussie and kiwi.
For the pound, the UK Cabinet will meet later on today in a supposedly five-hour meeting to decide on how to proceed with Brexit next. Spoiler alert: It's going to be another session of planning on how to get May's meaningful vote passed in parliament.
Upside levels in cable remain defined and limited by the key hourly moving averages above. For a downside move to extend lower, price must break last week's low of 1.2978.
