The pound went further into defensive as the Brexit deadlock became muddier than ever. Prime Minister May’s latest attempt to gather support from lawmakers for her deal fell apart yesterday, even after her pledge to leave in exchange for approval. The Northern Irish party refused to rally behind and dealt a blow to chances of the deal passing the parliament. Even more worrisome is that the parliament failed to agree on any alternative, leaving investors on a cliff-hanger.
On the technical side, cable is trading in a wide range between 1.3000 and 1.3330. Rising moving averages act as support to the price so far. 1.3080 is the immediate support for the day.
The sentiment-price correlation chart shows the sentiment on the neutral line, which indicates hesitation in the market before a breakout in either direction.