The USDs rise is being retraced as the stocks also rebound.
The GBPUSD is ticked to a new session high. The Asian session high reached one point to 297. The high price just ticked to 1.22992 just short of the 1.2300 natural resistance level. Yesterday the high price reached 1.23082.
Looking at the hourly chart, the price had been trying to stay below the floor at 1.22213. Once that level was broken, seller turned to buyers. The price moved higher.
On the move to the downside, the price briefly moved below the 200 day moving average, but momentum could not be sustained. That led to the battle between the buyers and sellers. The buyers are winning and continue to hold the control as a result.
The EURUSD is also moving higher after it moved back above its swing highs from November between 1.0480 and 1.0496. Its low today, the price held above the rising 100 hour moving average then stalled ahead of its 38.2% retracement of the move up from the November 21 low (at 1.04213).