That’s a decent move in European morning trade, considering that there has been no notable headlines to really work with.
In my view, the light nudge higher here is more technical-related as price bounces off the 200-hour moving average:
Overall, the dollar is trading more mixed across the board and I don’t see much of a meaningful conviction for currency traders before the US inflation report later.
That sort of fits with the price action in cable as well, as gains are still limited around the 1.3600 level. The key hourly moving averages are what is limiting the downside while the 1.3600 mark and last week’s highs around 1.3615-20 are capping any upside move.
The levels outlined are what will be at stake for buyers and sellers in defining and limiting risk in response to the US inflation report.