GBP/USD daily chart
The pair is down 0.3% at 1.2527 currently, with the dollar maintaining slight gains across the board on the day. But for GBP/USD, the slight decline also comes after a rise from its 200-day moving average (blue line) yesterday. The key technical level currently sits at 1.2553 and is helping to limit the upside so far this week.
Amid the ups and downs of the dollar, it looks like we may have to wait until the Fed tomorrow to settle the scores.
The hourly chart shows that the 100 hour moving average for Cable is now approaching 1.2500. As such, it would take a break for sellers to further establish themselves on the week. Otherwise, buyers will maintain control in the near term by pushing and encouraging the key level higher above.
Keep in mind that it’s also non-farm payrolls week. So, ADP US employment data tomorrow could also provide some feedback for traders.
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