The pound remains in range as markets ponder the political scene after parliament’s vote on Brexit options this Wednesday. It is expected that lawmakers would strive to influence if not take control of the withdrawal process. This could seriously undermine Prime Minister May’s authority, who may have planned to put her deal on vote for a third time this week. Words of a general election backed by oppositions have been spreading on the street, which could actually further support the currency.
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. 1.3160 is the immediate support for the day.
The sentiment-price correlation chart shows the sentiment gliding towards the neutral line. We could expect the price to stay in range before a catalyst cause a breakout.
