Cable moves a little higher on the day amid slight dollar, yen weakness

Technical Analysis

Author: Justin Low | gbpusd

GBP/USD touches a session high of 1.3065, nears the 200-hour moving average

GBP/USD H1 16-01
The move higher goes in tandem with a slight rise alongside other major currencies against the dollar and yen - but not by much. Yields are tracking higher on the session and we're seeing European equities also move higher on the day at the moment.

For cable, price closes in on a test of the 200-hour MA (blue line) @ 1.3067 but buyers are not really contesting the key near-term level just yet. As things stand, the near-term bias remains more neutral as price is also holding above the 100-hour MA (red line).

GBP/USD D1 16-01
In the bigger picture, there is a key trendline resistance @ 1.3089 to get through in any upside extension so just keep an eye out on that. Any downside move for now remains limited around 1.2950 as buyers have been defending the level since the start of the week.

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