12 May 2015
GBP/USD: Breaks boundaries and holds the top spot for now
FXStreet (Guatemala) - GBP/USD is trading 1.5688 with a high of 1.5712 and a low of 1.5556.
GBP/USD has been very well bid ahead of this week's showdown that will be the inflation report and press conference with Carney. However, today were some of the largest moves for some time, with Sterling rallying on as little as a softer greenback on Fed chatter re rates low for longer accompanied by some better results in the manufacturing and industrial industry, triggering a short sqeeze.
Sterling was a progressive rally in starts and stops from 1.5550's up to the aforementioned highs on the 1.57 handle and now settles down just below the figure for a consolidation period, allowing traders to breath a little with a short squeeze and reduced positions. Technically, the pair has 1.5780 in its sights but oversold conditions and profit taking ahead of tomorrow's UK jobs data and inflation report is likely to keep the lid on the major with 1.5640 as support.
GBP/USD has been very well bid ahead of this week's showdown that will be the inflation report and press conference with Carney. However, today were some of the largest moves for some time, with Sterling rallying on as little as a softer greenback on Fed chatter re rates low for longer accompanied by some better results in the manufacturing and industrial industry, triggering a short sqeeze.
Sterling was a progressive rally in starts and stops from 1.5550's up to the aforementioned highs on the 1.57 handle and now settles down just below the figure for a consolidation period, allowing traders to breath a little with a short squeeze and reduced positions. Technically, the pair has 1.5780 in its sights but oversold conditions and profit taking ahead of tomorrow's UK jobs data and inflation report is likely to keep the lid on the major with 1.5640 as support.