The US Dollar Index faced selling pressure today as US Yields retreated from recent highs. GBPUSD benefitted with a deeper recovery for Cable looking more likely. Can UK Employment data help facilitate a trendline break?
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Looking at the rest of the week and it could prove to a tricky one for the DXY as we do have some high impact data events which could provide support for the Dollar. US Q3Data is expected to remain hot. If this is the case, we could be in for a week of two halves, with DXY weakness till Wednesday before a notable recovery to end the week. Definitely worth paying attention to.
Tomorrow does bring some UK labor data with positive numbers likely to help Cable continue posting gains. A weak print here could leave the If Cable is able to break above the trendline there is the 1.2300 level which could prove sticky with the 50 and 200-day MAs resting just above at 1.2399 and 1.2443 respectively. A break above these two areas could see the long-awaited return to the 1.2500 psychological level.
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