GBP/USD is at the highs for the day, erasing its opening gap lower to 1.1395 as buyers look to push past the 100-hour moving average (red line) at 1.1367 to regain some near-term control to start the new week:
A hold above the near-term level pointed out will see the bias turn more neutral with the 200-hour moving average (blue line) the next key technical level to be wary about, sitting at 1.1463 at the moment.
The drop in the dollar comes as we see US futures also pull higher in European morning trade now. S&P 500 futures are up by 7 points, or 0.2%, in a quick switch higher since the cash market open in Europe.
EUR/USD is also up 0.2% to 0.9979 currently while AUD/USD has dragged itself up from 0.6410 to 0.6445, though still down 0.3% on the day. In turn, USD/JPY has also pulled back from around 147.56 to 146.92 as we get stuck in to the session.
