Dollar begins to flex its muscles on the session ...Middle East

Both the euro and pound are now down 0.3% against the dollar on the day. While EUR/USD is poised for a downside break, GBP/USD looks to be doing the same as it trades below 1.2600 currently:The pair had been holding in between a range of 1.2600 to 1.2800 since mid-December. That represented a consolidation phase of sorts but finally, sellers appear to be trying to shake it off.A firm daily close below 1.2600 will keep the downside pressure growing. And that will call into question a test of its 200-day moving average (blue line) next, seen at 1.2560 currently. This article was written by Justin Low at www.forexlive.com.

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Last updated : 05 February 2024 clock 01:57 PM

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