Cable moves towards a test of the 1.3100 handle again
The risk mood is still rather tepid in European morning trade, with European indices a touch lower and US futures keeping closer to flat levels for the time being. Elsewhere, gold and silver remain higher but not really doing a whole lot since the start of the session.
But in the currencies space, the dollar is losing further ground as it falls to session lows.
EUR/USD is up to a high of 1.1853 from around 1.1820-30 levels earlier while GBP/USD is testing the 1.3100 handle once again.
On the latter, buyers are looking to keep near-term control on a break above the 200-hour MA (blue line) but there is some decent resistance seen so far this week around 1.3100-13.
The 11 August high @ 1.3132 will also add to that before buyers can look towards the recent highs around 1.3170-85.
Much like EUR/USD, GBP/USD is also largely trading within a range somewhat over the past two weeks as price action continues to flirt with a potential move towards 1.3200 but buyers are unable to find enough conviction to do so.
Meanwhile, sellers themselves are largely struggling to firmly break under 1.3000 as support around 1.3010-20 has been holding firm since last week.
Looking ahead, US initial weekly jobless claims is the only relevant item on the agenda today but that is unlikely to shake things up.
As such, we can only look for clues from the risk mood and any potential wild volatility in precious metals to provide some bias to go on later today.
Otherwise, the near-term levels pointed out are still the ones keeping things in-check.
