Sterling declined against dollar on Monday as traders took a cautious view at the start of talks between Britain and the European Union on their relationship after Brexit. The EU wants to give Britain beneficial access to its single market of 450 million people in exchange for guarantees that London would prevent dumping. But Prime Minister Boris Johnson has said Britain will not be bound by EU rules or the jurisdiction of its top court all necessary, in the EU’s view, to ensure fair competition. By 2153 GMT, the pound was 0.4% lower at $1.2753.
From our technical point of view for the short term trading strategy, there are some high and low swing levels to consider for Cable, in which the lower range of swing low is to see at 1.2725, and at the upper range thereof is at 1.2774; the market is currently by updating of this post traded around the 1.2763 price handle. Immediately resistance levels are at 1.2820 and 1.2850, whereby the swing high with its lower and upper range at 1.2870-1.2920 as strong supply zones for an intraday trading strategy it is.
Take your look at the depicted chart below for more info: