Cable down to session lows as the dollar holds firmer on the day

Technical Analysis

Author: Justin Low | gbpusd

GBP/USD down 50 pips to 1.3849 currently

GBP/USD H1 12-07
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The pair had a great showing on Friday, erasing the week's losses altogether in a push to the week's high of 1.3900 at the time. The opening levels today stuck there but there has been a steady retreat since - more so as European traders entered.

The technical picture shows a rejection of 1.3900 and the 61.8 retracement level @ 1.3898, but it also comes as the dollar is holding firmer across the board, extending gains. USD/CAD is up 0.5% to 1.2505 now while NZD/USD has dropped 0.6% to 0.6950.

Going back to cable, there isn't much support until the confluence of the key hourly moving averages @ 1.3815-16 and then the 1.3731-50 region thereafter.

Or perhaps this is the pound suffering a bit of a post-Euros hangover after the penalty shootout defeat to Italy yesterday. ¯\_(ツ)_/¯

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