Cable Climbs To Fresh One-week High, Looks Towards Key Near-term Resistance Region

Published date: .

GBP/USD H1 09-04

ForexLive

The pound is pushing a little higher on the day, breaking the high seen yesterday at 1.2420 as buyers continue to keep the recent upside momentum going.

The next key test on the chart will come from the near-term resistance region around 1.2473-86 before the 1.2500 handle comes into play.

For now, not much is driving the move in the currencies space with the dollar keeping a little weaker against the euro and franc as well. But the overall risk mood remains more tepid with equities having pared earlier gains while bonds are slightly firmer.

If anything, I wouldn't look much into the move just yet but one must at least take note of the resistance region above in any case.

I would argue that the real flows for trading today will come after we see how things play out later in the day; with the OPEC+ meeting, US jobless claims, Fed chair Powell speech and the Eurogroup finance ministers meeting that could extend into the late night.