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27 Feb 2015
GBP/USD: Interesting price action around 1.54 handle
FXStreet (Guatemala) - GBP/USD is currently trading at 1.5420 with a high of 1.5449 and a low of 1.5383.
GBP/USD has seen interesting price action and has stepped up its game from 1.5395 area and managed a bid onto the 1.54 handle, capped for now at 1.5420/23. The pair has been volatile today for the closing sessions of the week, starting out from the 1.5380 area on a big rally towards 1.5450 before supply took the major back down, testing the bulls commitments at 1.54 the figure.
Technically, yesterday was a key day reversal and this calls into question the recent break higher and in fact suggests that the market has topped at 1.5550, according to Karen Jones, chief analyst at Commerzbank. "The market has not traded above its cloud since July 2014 and we suspect that this has been a false break."
GBP/USD has seen interesting price action and has stepped up its game from 1.5395 area and managed a bid onto the 1.54 handle, capped for now at 1.5420/23. The pair has been volatile today for the closing sessions of the week, starting out from the 1.5380 area on a big rally towards 1.5450 before supply took the major back down, testing the bulls commitments at 1.54 the figure.
Technically, yesterday was a key day reversal and this calls into question the recent break higher and in fact suggests that the market has topped at 1.5550, according to Karen Jones, chief analyst at Commerzbank. "The market has not traded above its cloud since July 2014 and we suspect that this has been a false break."