The US dollar continues to maintain its grip strengthened by Friday’s payrolls report. Amid a quiet trading day, investors look to big events this week which include the Fed Chair’s testimony to Congress.
GBP/USD Attempts to Retrace Losses
Cable is posting a retracement following the declines from last week. However, price action looks bearish below the support/resistance level of 1.2960.
With the Stochastics slightly moving up from the oversold levels, a renewed selling pressure could push the GBP lower. The main downside target is at 1.2582.
