Cable switches lower as dollar stands its ground

Technical Analysis

GBP/USD falls from 1.4220-30 to a low of 1.4185 on the session

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This comes with the greenback also erasing losses against the euro, yen, franc and kiwi on the day. Even the aussie is back to its post-RBA levels now with AUD/USD at 0.7740.

The turn for cable is one to note especially if buyers can’t keep with the break above 1.4200 from yesterday. That would be a blow from a technical perspective.

The thing to note about the dollar move yesterday was that it came during a US and UK holiday, with some of it seemingly being a month-end rush going into the fix.

That is not quite the best standing ground for any move and we could perhaps be seeing some normalisation in flows again now during European morning trade.

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