"A significant dollar fall" is on the cards, says veteran FX analyst.

The Pound to Dollar exchange rate climbed to new six-month highs to open the new week and could be set to rise further, although there is now a significant technical resistance level looming almost immediately overhead of the market, which could temper the rally somewhat in the days ahead.

The US Dollar recovered off its intraday lows against many of its most traded counterparts on Tuesday amid an apparent effort by authorities in Beijing to enforce its minimum floors in numerous Chinese Renminbi pairs.

The US Dollar fell in broad-based losses that came alongside simultaneous declines for US stock and bond markets last week as some public and private investors were said to have taken flight, perhaps like they were Israelites fleeing from the great house of Pharaoh.