Short-term bullish bias
Key levels: downside: 1.3090 / upside: 1.3210
Cable is in a wild swing mode as political catalysts continue to drive volatility. We can expect the pair to be stuck between 1.3000 and 1.3280 until a break on either side. Both 20 and 30-day moving averages are still pointing upward, suggesting that the uptrend is still in place.
On the 4H chart, the price bounced off the key support level of 1.2960 with strong momentum. The break of the 1.3180 resistance has put sellers in disarray. The price is likely to consolidate within a 300-pip range for the day. On the hourly chart, the price has rallied above the 1.3145 level, and the RSI has come down from the over-bought area, which indicate there is still room on the upside.
More buying interests would push the price towards the psychological level of 1.3200. On the downside, 1.3090 is the immediate support level to monitor.