The dollar is slightly lower across the board so far today, as the bulls look to be taking a bit of a breather. There’s not much to work with during the session but it just seems like a bit more of a consolidation after the gains from last week mostly. GBP/USD is one of the decent movers, helped by the slightly stronger UK inflation data earlier. The pair is up 0.4% to 1.2470 levels, testing its 100-hour moving average (red line):
GBP/USD hourly chart
But sellers are holding steadfast at the key technical level for now, maintaining near-term control.
Elsewhere, EUR/USD is up 0.2% to 1.0642 with USD/JPY down 0.1% to 154.54 on the day. AUD/USD is up 0.3% to 0.6425 while USD/CAD is down 0.2% to 1.3803 currently.
All the major dollar pairs are pretty much also reflecting a similar predicament to what we’re seeing in cable above. That being price action continues to sit below the respective 100 and 200-hour moving averages. That suggests the near-term bias is still favoured towards the dollar at the moment, with the slight retreat so far today not really amounting to much.