Cable makes fresh one-week high as dollar slump continues

Technical Analysis

Author: Justin Low | gbpusd

GBP/USD rises to a high of 1.2720

GBP/USD H1 20-06
The dollar is getting no reprieve in the European morning as it falls further on the day with cable touching highs seen on 12 June. Price is now holding a firm break above the 1.2700 handle and is looking to keep above resistance at 1.2708 as well.

From here, buyers will be aiming towards a retest of the 1.2750 where bids are lined up alongside swing region resistance around 1.2750-60.

It's been rough session for the dollar since the start of trading today and it doesn't look like things are easing up any time soon as the focus continues to stay on a more dovish Fed.

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