Cable loses traction on stalled Brexit talks

Cable is standing at the back foot in early European trading on Tuesday deflated fresh risk aversion on fading hopes that US new stimulus package will be agreed before Nov 3 election and Brexit talks in limbo.
Monday’s strong rejection above psychological 1.30 barrier and repeated close below daily cloud base, although the cloud is narrowing and magnetic, add to underlying bearish bias.
Fresh weakness eyes again 20DMA (currently at 1.2905) which contained the action in past four days and marks pivotal support,
Firm break here would open way for extension of pullback from 1.3082 (12 Oct high) towards targets at 1.2843/30 (100DMA / Fibo 61.8% of 1.2675/1.3082 upleg).
Falling 14-d momentum on daily chart maintains pressure, but mixed setup of other indicators still lacks firmer direction signal.
Caution on repeated failure to clearly break 20DMA that would signal extended sideways mode as long as the action stays capped by 1.30 barrier at 55DMA (1.3017).
The pound is expected to remain highly sensitive to any news from Brexit talks as well as US stimulus negotiations.

Res: 1.2961; 1.3000; 1.3017; 1.3064
Sup: 1.2919; 1.2905; 1.2878; 1.2862