GBP/USD rises to a high of 1.2245 to start the session
The dollar continues to sit weaker amid the more positive risk mood to start the day, and that is helping to see cable push higher towards some near-term resistance around 1.2245-50.
The move comes after buyers seized near-term control on a break back above the key hourly moving averages, after a brief period of consolidation just under 1.2200.
The near-term bias in the pair now turns more bullish, with the 1.2245-50 level set to offer the first test for buyers now before the 1.2275-00 region comes into play.
The risk mood remains the key driver in the market right now, as such the dollar side of the equation is the key element that is moving the pair.
Looking ahead, we'll have BOE chief economist Andy Haldane speaking at 0900 GMT so just be mindful of remarks there i.e. negative rates talk.
For this week, month-end flows is also something to watch before the focus over the next few weeks turns towards Brexit risks for the pound.
I'm still favouring leaning towards selling rallies in the quid but amid the surge in equities, perhaps capitalising on EUR/GBP pullbacks remains a better play in that regard.
