Quick snapshot on the major FX bloc performance thus far today

Author: Justin Low | Category: News

Silence is golden for the GBP, while USD is holding onto gains

All major pairs are lower against the dollar (with the exception of sterling) still. NZD/USD continues to extend its drop, now down to 0.6835 touching session lows.

Meanwhile, EUR/USD is at the bottom of today's range as well trading at 1.1780 now. But do take note of some large option expiries at play.

Anyway, Cable is the only pair to buck the trend with the GBP inching higher on the day when there is no relevant Brexit talks out on the wires thus far. Surprising, eh?

Looking at the hourly chart, the jump above 1.3400 seems to have stalled near the 38.2 retracement level of 1.3424 as well as the 200-hour MA at 1.3419. That's a good resistance level for sellers to lean on for now, and is keeping a lid on the pair.