GBP/USD moves up to positive territory, touches a high of 1.2935 on the day
It's a broad-based move as the dollar and yen weakens across the board, with the euro and pound taking advantage of that and rising to session highs against both currencies. Of note, cable bounces up after having tested the 100-hour MA (red line) earlier.
The near-term bias remains more bullish as buyers defended the level but price is now running into minor resistance around 1.2936-43 with offers seen closer to 1.2950.
Brexit developments are still not really taking much shape for the time being so I would expect choppy trading in the pound as traders continue to make up their minds over how the whole Brexit agenda will play out.
But with little clues on how things will change the state of play, the most markets can do is wait and see. As for trading opportunities, it's all about looking at the technical levels and spotting potential near-term breaks.
For cable, that will represent a move back above 1.2950 to test the 1.3000 handle once again. As for a downside break, it would have to fall back below the 100-hour MA first before testing the 200-hour MA (blue line) @ 1.2868 to prompt a potential further extension towards the 1.2800 handle.