The Cable surged to an overnight high of 1.2904 before pulling back towards the 1.2850 support as overbought conditions and Brexit uncertainties limited the upside. Also, Chief UK economist warned that the national growth is in danger after a possible 87% drop in Britain’s hospitality industry sales in Q2. Given the lack of major data today, traders may focus on the Consumer Confidence data for short-term volatility, which could push the Pound towards 1.29 for the third time in two days, but first we could see a deeper pullback towards 1.28 before the bounce.
Support: 1.2850 / 1.28
Resistance: 1.29 / 1.2950
Risk Warning: 56.82% of retail CFD accounts lose money
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