Forex: GBP/USD capped below 1.5900
Forex pairs in this Article »
GBP/USD
FXstreet.com (Córdoba) - After losing nearly 250 pips last week, the pound started the day with a slight negative tone although it managed to recover ground versus the greenback during the European session.
GBPUSD touched a fresh 2-month low of 1.5841 in early trade, but found support and handled to fill the opening gap. However, the recovery was capped by the 1.5890/95 area, confining the cross to a consolidation phase and with US markets closed due to the Martin Luther King Day holiday, trading will likely remain subdued.
At time of writing, GBPUSD is trading at 1.5878/80, 0.2% above its opening price. "Now the pair is looking weak and can dip further towards its next significant supports of 1.5750-30 in the coming days", says the Kshitij Consultancy Services Team. "So the expectations are for the pair to be weak and to face resistance near 1.5900-50 on any rise if seen".
GBPUSD touched a fresh 2-month low of 1.5841 in early trade, but found support and handled to fill the opening gap. However, the recovery was capped by the 1.5890/95 area, confining the cross to a consolidation phase and with US markets closed due to the Martin Luther King Day holiday, trading will likely remain subdued.
At time of writing, GBPUSD is trading at 1.5878/80, 0.2% above its opening price. "Now the pair is looking weak and can dip further towards its next significant supports of 1.5750-30 in the coming days", says the Kshitij Consultancy Services Team. "So the expectations are for the pair to be weak and to face resistance near 1.5900-50 on any rise if seen".
Free Annual Reports
