Cable nudges higher on the day but next upside leg still left wanting | Forexlive
The pound was unimpressed by the Autumn Statement yesterday but Hunt delivered as expected, so there wasn’t much to get excited nor upset about considering it was very much the opposite of the ‘mini-budget’ in September. Instead, dollar sentiment continues to be the key driver in GBP/USD and we’re still in the midst of sorting that out for the moment.
The pair is holding higher today, erasing the drop from yesterday but it hardly means much with the notable resistance point at 1.2000 still holding since the earlier half of the week. Unless buyers have appetite to break past that, only then can we start to talk about a push towards its 200-day moving average (blue line), seen at 1.2221 currently.
For now though, most of the look among dollar pairs are one in the same i.e. a bit of a stall in momentum earlier in the week before some consolidation and chop over the past few days. The same levels pointed out here are very much still in play.