In typical pound a la Brexit fashion, cable jumps back up to 1.3070
It's a small bounce after having tested the swing region between 1.3035-50 earlier again as the hourly candle closes above the 23.6 retracement level @ 1.3047. That said, sellers are still in near-term control of the pair as mentioned earlier with price holding below the two key hourly moving averages.
With no solution to the Brexit impasse still, it's hard to imagine the pound pulling off a sustained rally unless a no-deal scenario can be ruled out.
Latest word is that a meaningful vote is likely to come by but Cabinet ministers will also debate on potential situations such as a general election or a second referendum today. But all this talk remains conjecture for now as the UK parliament cannot settle on what it wants to do next.
Until they do, expect further choppiness to prevail in pound trading this week.
