Buyers tried to chase an upside push to start the new week, with the highs today reaching 1.2090 but the daily closes have been the more important thing to note for cable and that continues to sit below short-term resistance around 1.2033-45.
As such, it isn't really convincing of a stronger upside push and with the Fed in focus this week, perhaps traders are finding it difficult to gather much conviction for a bigger technical move. The pound side of the equation remains rather iffy with the UK economy teetering towards a recession and that could mess with the BOE's plans to tighten policy through to next year.
For now though, the focus stays on the Fed and as mentioned yesterday, the dollar is still seeing key levels hold and that is the important thing going into tomorrow.
