GBP/USD goes in search for a firm break above 1.2500
Most major European centers are closed today in observance of Easter Monday but there is some decent action to kick start the morning despite the quieter period.
The dollar is seen weakening slightly, with cable rising to a fresh one-month high above 1.2500, touching a high of 1.2522 currently.
Notably, price is contesting the the 61.8 retracement level of the swing move lower last month at 1.2517 and that will be a key spot to watch in the coming sessions.
Just take note that the move we are seeing now comes amid thin liquidity conditions so there may not be much to really pinpoint at the end of the day.
Holiday-thin flows are the most difficult to draw any conclusions in the market so I'd rather look to tomorrow's price action for a better gauge of this "break" higher.
From a technical perspective, the 200-day MA (blue line) @ 1.2656 will provide the next key area of resistance if we do see a proper break of the 61.8 retracement level above.
