Cable eyes 1.3000 as dollar keeps weaker on the session
GBP/USD touches a session high of 1.2970, the highest level since 11 March
The dollar is slipping once again in European morning trade, with cable now touching a high of 1.2970 as buyers stay on the hunt for a ninth straight day of gains in the pair.
Upon breaking its June high @ 1.2813, buyers have been unrelenting in the push higher and the focus now turns towards the 1.3000 handle next.
From a technical perspective, there is little in the way stopping the pair from a move towards 1.3200 and with the dollar in a critical state, such a move can’t be ruled out.
As much as the pound side of the equation may have limited tailwind factors, the dollar side of the equation is the main focus in the market right now and that is what matters.
Elsewhere, EUR/USD is now touching a high of 1.1770 and AUD/USD is inching closer towards the 0.7200 level. The dollar charts are certainly looking ominous:
Source: Technical analysis