Forex: GBP/USD consolidates the upside above 1.6200
Forex pairs in this Article »
GBP/USD
FXstreet.com (Barcelona) - The sterling is following the spiralling risk appetite sparked after the ECB meeting earlier, rapidly leaving behind the key resistance at 1.6200 and posting fresh highs above 1.6220 as of writing.
Phil McHugh, Senior Analyst at Currencies Direct argues "With global risks mitigated in Europe and the US, the BoE will be quick to react if we see a sharp downturn in economic conditions domestically and if external tail risks resurface. For the time being, holding steady appears to be the ban's best course of action".
GBPUSD is now up 0.65% at 1.6127 with the next resistance at 1.6131 (MA10d) ahead of 1.6153 (MA21d) and then 1.6255 (high Jan.3).
On the other hand, a breakdown of 1.6006 (Lower Bollinger) would open the door to 1.5992 (low Jan.9) and finally 1.5988 (low Nov.30).
Phil McHugh, Senior Analyst at Currencies Direct argues "With global risks mitigated in Europe and the US, the BoE will be quick to react if we see a sharp downturn in economic conditions domestically and if external tail risks resurface. For the time being, holding steady appears to be the ban's best course of action".
GBPUSD is now up 0.65% at 1.6127 with the next resistance at 1.6131 (MA10d) ahead of 1.6153 (MA21d) and then 1.6255 (high Jan.3).
On the other hand, a breakdown of 1.6006 (Lower Bollinger) would open the door to 1.5992 (low Jan.9) and finally 1.5988 (low Nov.30).
Free Annual Reports
