Cable pushes to session highs as the dollar slips across the board
Dollar weakness coming into play once again
The dollar is seeing further rejection after a move lower on Friday - where the dollar index tested key resistance levels - and we're seeing more of a continuation of that now. The greenback is lower across all major currencies with most of them at session highs against the dollar right now. The dollar index is now down almost 0.2% on the day.
GBP/USD in particular is up 0.3%, with sterling being the second best performer (in terms of pips it is the best) on the day. This comes after buyers defended a test of the 200-hour MA (blue line) over the last few hours and price has now moved higher as buyers stay in control.
The next level to look out for is resistance around 1.3280 to 1.3300 followed by that at 1.3350. Things aren't looking too bright for the dollar today as it looks like buyers are beginning to run out of steam after the latest move higher on Friday. Watch out for key levels as mentioned here earlier.
As for sterling, there is Brexit risk in the form of the customs bill vote at the House of Commons later in the day. But the main focus this week will be on economic data as highlighted earlier.