Technical Analysis

Pound on the move to start the session but runs into near-term resistance

GBP/USD up 0.4% to 1.3940 to start European trading

The pound is among the early movers to start the day as cable jumps up from 1.3900 to 1.3940 but faces a bit of near-term resistance from the confluence of the key hourly moving averages @ 1.3928-34 currently.

There was a decent retracement last week that fell short of 1.4000 as sellers also kept hold of near-term control by holding price action below the key levels above.

For buyers, getting above that will be a good first step to retest 1.4000 on a firmer basis with EUR/GBP also keeping below 0.8600 for the time being.

Elsewhere, the dollar is holding mildly softer across the board but nothing that stands out all too much yet with EUR/USD sitting at 1.1943 in a 25 pips range.

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