Cable withdrew around 40 pips in the early European trading and dropped to fresh session lows, around the 1.2740-30 area in the last hour.

The pair proceeded with its battle to endure the 1.2760 supply zone and has now floated into the negative area, with bulls disregarding the prevailing USD selling bias.

The fact that Boris Johnson is still observed as the most loved to be the next British PM, fears of a no-deal Brexit held investors from placing any forceful bullish bet rather incited some fresh selling at higher levels.

In the interim, the most recent leg of an abrupt drop did not have any essential driver and appeared to be the key factor helping limit further drop, for now. Consequently, it is judicious to wait for a next price action before traders begin situating for any significant intraday momentum in the midst lack of important economic releases on Monday.

Rose Alice

About: Rose Alice

Rose Alice has a long experience as a currency analyst with a deep knowledge of the relationship between macroeconomics and currencies fluctuation.