GBP/USD closes in on a test of the 200-hour moving average
The pound is slipping across the board ahead of UK data to be released at the bottom of the hour. Despite economic data in the immediate focus, it’s still all about Brexit at the end of the day and with the situation still unclear ahead of next week’s Brexit deal vote it is making for jittery tones after buyers are unable to hold price above the 100-hour MA (red line) earlier today.
I would expect UK data to be released at the bottom of the hour to have minimal impact so keep an eye on the technical levels thereafter to see if we’ll get a further extension to the downside.
Update: Price now falls to a low of 1.2710, testing the 200-hour MA @ 1.2713.