The dollar is slightly lower overall so far today as the bulls appear to be taking a bit of a breather. There’s not much to work on during the session, but it just seems like a bit more of a consolidation after last week’s gains primarily. GBP/USD is one of the good movers, helped by slightly stronger UK inflation data earlier. The pair is up 0.4% at 1.2470, testing its 100 hour moving average (red line):
GBP/USD Hourly Chart
But sellers remain firm at the key technical level for now, maintaining control in the near term.
Elsewhere, EUR/USD was up 0.2% at 1.0642 and USD/JPY was down 0.1% at 154.54 on the day. AUD/USD is up 0.3% at 0.6425 while USD/CAD is down 0.2% at 1.3803 currently.
All major dollar pairs also reflect a similar predicament to what we see in the cable above. That being said, price action continues to hover below the respective 100 and 200 hour moving averages. This suggests that the short-term bias is still favored in favor of the dollar at the moment, with the slight pullback so far today not really amounting to much.
cnbctv18-forexlive
