GBP/USD lost some traction and returns below 1.2800

• Cable recedes from earlier tops beyond 1.2800 the figure.
• No news from Brexit talks gives some respite to GBP.
• House of Commons will vote on May’s deal on December 10.

After moving to fresh tops beyond the 1.2800 handle, GBP/USD lost some vigour and it has now retreated to the 1.2780 area.

GBP/USD focused on BoE, Powell

Cable is recovering some ground lost following Tuesday’s pullback to weekly lows in the 1.2730/25 band. The lack of fresh headlines around Brexit has been taken as positive by investors so far, motivating the daily rebound to tops beyond the 1.2800 milestone.

Later in the day, GBP will be under scrutiny, as the Bank of England will release its Financial Stability Report and Stress Tests results (including Brexit scenarios), all followed by a press conference by Governor M.Carney.

Back to Brexit, the critical date will be December 10, when the House of Commons is due to vote on May’s deal following a debate that is scheduled to start in early December.

GBP/USD levels to consider

As of writing, the pair is up 0.24% at 1.2777 facing the next hurdle at 1.2829 (high Nov.28) seconded by 1.2902 (21-day SMA) and then 1.3074 (monthly 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).