GBP/USD buyers trying to keep price above the 1.29 handle
And so far, they are managing that quite nicely as price is also somewhat supported by a near-term trendline support close to the figure level.
A firm break below the 1.29 handle will see buyers lose further momentum but the key risk for any upside move is a break below the 100-hour MA (red line) @ 1.2829.
The move lower at the start of the week comes after a bit of a dent in Brexit optimism after the weekend’s events – which saw a formal Brexit vote get delayed.
Looking ahead today, the government is likely to put forward a request of a “meaningful vote” and if that gets shot down by speaker John Bercow, then I reckon we may see a second wave of weakness in the pound.
If such a scenario does come by, watch out for the 100-hour MA as noted above.