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GBP/USD: intraday patterns look soft again and remains a fade - Scotiabank

Analysts at Scotiabank noted that sterling is little changed on the day and essentially range bound against the USD still. 

Key Quotes:

"The UK government has said it will honour its financial commitments from EU membership which may help advance Brexit talks, although significant hurdles remain."

UK data revealed slightly larger than expected net government borrowing in Oct. manufacturing orders data from the CBI saw the biggest advance in nearly 30 years in Oct, rising to +17 from -2."

"GBP/USD has made some progress in the past two sessions, gaining a tentative foothold above the 40-day MA (1.3204)."

"But the market continues to fade GBP gains aggressively and the pound has struggled to advance much beyond the mid/upper 1.32 area."

"Intraday patterns look soft again after Cable tested – and failed against – resistance around 1.3260/70. Intraday support is 1.3215/20."

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