GBP/USD appears sidelined around 1.2860, focus stays on Brexit

• Cable fades the uptick to 1.2880 and is now stabilizing around 1.2860.
• BoE’s Inflation Report Hearings, Carney’s speech next on tap.
• PM T.May travels to Brussels to discuss trade amidst Brexit uncertainty.

GBP/USD keeps the bid tone intact so far in the first half of the week and is now appears sidelined in the 1.2860 region.

GBP/USD looks to BoE, Brexit

Cable is up for the third session in a row on Tuesday, always following USD-dynamics and rising speculations around the Brexit negotiations.

Ahead in the day, the Sterling should stay under pressure in light of the BoE’s Inflation Report Hearings and the subsequent press conference by Governor M.Carney and testimonies by MPCs Haldane, Cunliffe and Saunders.

In addition, investors will closely follow the headlines from PM May’s trip to Brussels to discuss trade issues later today.

GBP/USD levels to consider

As of writing, the pair is losing 0.09% at 1.2845 and a breakdown of 1.2797 (low Nov.19) would open the door to 1.2724 (low Nov.15) and finally 1.2692 (low Oct.30). On the upside, the next hurdle is located at 1.2914 (21-day SMA) seconded by 1.2930 (10-day SMA) and then 1.3074 (high Nov.14).