Sterling remains highly volatile and extends its yo-yo ride on Friday, sparked by Brexit talks news on Thursday and this morning’s shocker on President Trump’s positive test for coronavirus.
Cable fell to the session low (1.2836) on announcement but quickly regained ground and rallied to 1.2954 zone, focusing the top of Thursday’s wide range, after news that EU-UK trade talks would go until mid-October and PM Johnson will talk to EU chief van der Leyen on Saturday, lifted the pair.
Conflicting daily studies lack clearer direction signal, while the pair is on track for strong bullish weekly close but registered heavy losses in September.
Thursday’s upside rejection warns of strong headwinds from key 1.30 resistance zone, while the downside is well protected by 10DMA (1.2820) ad daily cloud base (1.2800).
Break of either side is required to signal fresh direction, with news from key events: trade talks, US NFP, expected to be key drivers.
Res: 1.2954, 1.2978, 1.3000, 1.3035
Sup: 1.2900, 1.2876, 1.2820, 1.2800
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