FUNDAMENTAL

Not much in the way of news today with just scheduled UK Manufacturing data out at 09.30 BST.  This is a 2 out of 3 star importance release and is not expected to move the market much as speculators hold their breath for more Brexit polling data.  For what it’s worth the manufacturing data is foreast to be negative but less negative than previous months.

As stated repeatedly in the absence of scheduled news releases we simply need to be mindful of the overarching themes (dollar in slightly soft price correction period, GBP in pre-Brexit poll uncertainty phase) and be prepared for unscheduled polling data.

In the absence of short term fundamental bias and two soft currencies, price action will help guide those wishing to trade Cable but the lack of direction and volatile sentiment makes this quite an unattractive pair to trade.

TECHNICAL

Price moved little in the US and Asian sessions leaving it still within a range with the monthly M3 pivot as approximate resistance at 1.46, and the next support at 1.43.  Risk still appears to be to the downside as dollar stabilises and a break through 1.43 will confirm.