GBP/USD around 1.2800, close to weekly lows

• Cable manages to regain 1.2800 and above so far.
• Brexit negotiations and PM May’s government stay in centre stage.
• UK’s Public Sector Net Borrowing expanded more than estimated.

GBP/USD supported near 1.2770

Cable has managed to regain some attention following Tuesday’s pullback to the 1.2780/75 band, where some decent support emerged.

In the meantime, the absence of fresh headlines around Brexit or PM May’s government left the price action to the mercy of USD-dynamics and the broader risk appetite trends for the time being.

In the UK’s calendar, Public Sector Net Borrowing expanded more than estimated to £7.96 billion during October. Looking ahead MPC member Saunders is due to speak tomorrow.

GBP/USD levels to consider

As of writing, the pair is up 0.15% at 1.2807 facing the next hurdle at 1.2885 (high Nov.19) seconded by 1.2903 (21-day SMA) and then 1.3074 (high Nov.14). On the other hand, a breach of 1.2724 (low Nov.15) would open the door to 1.2696 (low Oct.30) and finally 1.2662 (2018 low Aug.15).