The dollar and the yen are on the back foot
The cable went to a session high of 1.2247, dropping from levels closer to 1.2200 just an hour ago as the dollar slipped all over the place to start morning trading in Europe.
Notably, the AUD / USD also climbed to 0.6545 from 0.6520 despite pressures from Australia-China tensions while the NZD / USD climbed to a high of 0.6073 on the day.
The yen is also not spared from the latest flows, as we find that most yen pairs also reach session peaks at all levels. The USD / JPY also remains at 107.45.
Futures in the United States are up a little more, but hold modest gains of around 0.3% at the moment, although much better than flat tones earlier.
Looking at the cable graph, price action is now between the two key hourly moving averages, with short-term bias becoming more neutral.
Buyers have defended downward pressure around the 100-hour MA (red line) and will seek to head towards the confluence of short-term trend line and 200-hour MA resistance (blue line) at 1.2272.
These will be the key levels that sellers will have to defend during the next sessions.