- The pound moves away from six-day highs, maintaining daily gains against the US dollar.
- DXY falls for the third day in a row, despite rising US yields.
The GBP/USD It is rising for the third day in a row and is around 1,360. The pound touched a six-day high at 1.3639, before retreating. A fall in the US dollar across the board boosted the pair.
The dollar continues to correct lower after last week’s rally. The DXY is down 0.25% to 93.80, moving away from lows but still with a short-term bearish bias, while the dominant trend continues to point higher.
US yields are moving sideways on Monday, moderately higher. Stock prices have recently adjusted lower on Wall Street, offering support to the dollar. US economic data beat expectations and factory orders rose 1.2% in August, above the 0.9% expected. Over the next few days, the CPI and unemployment data will be key and could have a major impact on financial markets.
The pound also rose against the euro on Monday as fuel shortages in the UK eased. The situation with the energy crisis has improved. EUR / GBP is now below 0.8550.
GBP / USD and the 1.3600 area
GBP / USD has so far failed to clearly rally at 1.3600. If it manages to do so, it could gain more strength for an extension of the 20-day simple moving average that sits at 1.3685.
A failure around current levels should keep the pair on a clear bearish bias. Immediate support is seen at 1.3575, followed by 1.3520 and 1.3480.
Technical levels
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