The dollar and yen find themselves on the back foot again
Cable has moved to a session high of 1.2247, rising from levels closer to 1.2200 just an hour ago as the dollar slips across the board to start European morning trade.
Notably, AUD/USD has also climbed back up to 0.6545 from 0.6520 despite pressures from Australia-China tensions while NZD/USD has climbed to a high of 0.6073 on the day.
The yen is also not spared from the latest flows, as we see most yen pairs rise to session highs as well across the board. USD/JPY is also keeping higher at 107.45.
US futures are getting a bit of a nudge higher but are keeping modest gains of around 0.3% at the moment, though much better than the flattish tones earlier.
Looking back at the chart for cable, price action is now resting in between both key hourly moving averages as the near-term bias turns more neutral.
Buyers have been defending downside pressures around the 100-hour MA (red line) and will be looking to make a move towards the confluence of the near-term trendline resistance and 200-hour MA (blue line) @ 1.2272.
Those will be the key levels for sellers to defend in the sessions ahead.