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Steady Grind Lower For Greenback, GBPUSD Prints Above 1.2650

FOREX
  • Since the release of the US employment data and the knee-jerk higher for the US dollar, the greenback has steadily retraced lower over the course of the session. Notable revisions took the shine off the headline beat for the change in non-farm payrolls and given the close proximity to the weekend, momentum for any bullish USD momentum was not present.
  • Additionally, better performing US regional banks and corresponding firming major indices are weighing on the USD index, which now finds itself back in the red for Friday.
  • A very decent climb for cable, which has now risen to fresh trend highs, narrowing the gap with the May 2022 highs at 1.2667.
  • The trend outlook in GBPUSD remains bullish and this fresh cycle high reinforces current conditions. A bullish price sequence of higher highs and higher lows remains intact and moving average studies are in a bull mode position.
  • Above those highs, attention will shift to 1.2733, the 2.0% 10-dma envelope and 1.2759, a Fibonacci retracement.
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