The greenback is slightly advancing gains to start European morning trade

GBP/USD D1 04-06

The dollar is creeping slightly higher on the session, with EUR/USD now nearing the 1.1200 level and also GBP/USD falling to a session low of 1.2525 from around 1.2545 earlier.

On the latter, the Brexit headlines here certainly isn't helping the pound and exemplifies the risks amid the ongoing trade negotiations this week between the EU and UK.

Notably, GBP/USD is now backing away from its 100-day MA (red line) @ 1.2563 as sellers are leaning on the technical level to retrace some losses sustained over the past week or so.

The 1.2500 handle will be a key near-term spot to watch in case the retracement goes any further, as that will start to bring back key near-term levels into the picture.

The 100-hour moving average @ 1.2480 will be the first spot to watch in that regard.

Elsewhere, the dollar is also seen firmer against the likes of the aussie and kiwi as well with AUD/USD now trading at 0.6886 and NZD/USD at 0.6408.