GBP/USD briefly clips 1.4000 for the first time since April 2018
The dollar gains from earlier in the week are evaporating as we see key levels being tested across multiple charts right now for the greenback.
EUR/USD is up to a high of 1.2134 and closing in on daily resistance near 1.2150 while GBP/USD has hit the key psychological level of 1.4000 for the first time since April 2018 as the technical breakout extends.
Adding to that is USD/JPY slumping to 105.35 back below its 200-day moving average @ 105.51 while AUD/USD is testing key resistance at the highs for the year around 0.7800-20 at the moment.
Even with oil prices slumping, the loonie has turned things around against the dollar as USD/CAD falls from 1.2700 to 1.2660 currently - pushing back below its key hourly moving averages @ 1.2679-91.
With key levels in play, this feels like a potential momentum swing against the dollar that could break the tide after having seen it keep more resilient at the start of the year.
