- GBP / USD reverses rapid drop to move closer to 21-HMA support.
- However, the bears continue at the 1.3300 guard level.
- New Brexit reports suggest the UK has not moved on three key issues.
Having been pushed back below 1.3300 again, GBP / USD quickly eroded 40 pips from the daily highs of 1.3287 after negative Brexit headlines.
New reports have hit the threads, citing the EU negotiating team, there is no breakthrough in Brexit negotiations as the UK has not changed its stance on fisheries, state aid and governance.
However, the support of the 21 hour moving average (HMA) at 1.3250 came to the rescue of the GBP bulls, allowing a brief rebound to near 1.3265, at the time of writing.
While the recovery point of session lows of 1.3249, the bulls recover 50-HMA at 1.3257.
The hourly Relative Strength Index (RSI), currently at 51.91, has risen, rebounding from the midline. RSI rebound keeps buyers hopeful.
Cable now aims to regain the 1.3300 level if 1.3287 daily high gives way. Then the confluence of the November 11 and November 18 highs at 1.3313 is the level to beat for the bulls.
If the recovery attempt loses strength, the 21-HMA media may be retested. Acceptance below the latter could expose the 100-HMA cushion uphill at 1.3241.
Further south the 200-HMA support at 1.3220 will emerge as a critical barrier for the bulls to defend.