Market Analysis
GBP/USD midweek: cable holding 1.3390 as traders remain split, 2026-06-08
Sterling trades up 59 pips from Monday's open at 1.3394, with positioning near perfectly balanced at Wednesday's close.
2 min leesEUR/USD closed Wednesday's session at 1.1554, up 33 pips from Monday's open at 1.1521. The pair has traded between 1.1499 and 1.1578 so far this week, with Tuesday marking the highest print.
Dollar flows have dominated the first half of the week, with South Korea clearing significant dollar demand according to Tuesday's headlines. The PBOC's aggressive USD/CNY fixing added to dollar strength dynamics, though EUR/USD has still managed to grind higher.
The back half of this week shows no high-impact economic releases on the calendar. Without scheduled catalysts, price action will likely respond to any developments in Asian dollar demand or unexpected central bank communications. If the dollar-buying theme from Korea and China continues, EUR/USD faces resistance at Tuesday's 1.1578 high. If flows reverse, support sits at the week's 1.1499 low.
As of Wednesday morning, positioning shows 51.6% of traders long and 48.4% short EUR/USD. This near-balanced split suggests the market lacks strong directional conviction midweek, leaving price vulnerable to flow-driven moves rather than positioning unwinds.
EUR/USD is testing the 1.1550 round number after bouncing from Tuesday's 1.1526 low. If buyers defend 1.1550 through Wednesday's close, the path opens toward Tuesday's 1.1578 peak. A break below 1.1530 would signal sellers are back in control, with Monday's 1.1499 low as the next test.
Byline: LHFX Research
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