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What you need to take care of on Tuesday, October 4: The greenback resumed its decline at the beginning of the week, ending Monday with losses across the FX board. The EUR/USD pair was able to post a modest advance and settled around 0.9820, with the shared currency among the worst performers against the USD. Downwardly revised S&P Global Manufacturing PMIs weighed on the EUR.
GBP/USD has rallied through critical daily and weekly resistance. Bears, however, could be lurking with a focus on 1.1200/60 which guards the risk of a significant cascade of offers below targeting 1.1100 and 1.1020. GBP/USD is rallying and defying gravity as the US dollar runs into bears with the US yields softening at the start of the week.
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