Cable upside momentum loses further steam towards the end of the week
The greenback is holding a slight advance as we get things going in Europe, with EUR/USD falling to a session low of 1.2112 and AUD/USD also down to 0.7735.
Of note, cable is back to trading below 1.3800 as sellers seize back some near-term control in a push back below the 100-hour moving average:
While the big picture view on the chart still remains supportive (keeping above 1.3743), the near-term momentum is losing some steam as the weekend approaches.
There has been plenty of push and pull in the dollar this week – particularly in the last few days – so it is tough to extract much from the slight nudge higher today.