Forex: GBP/USD holds support at 1.5800
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GBP/USD
FXstreet.com (Barcelona) - Dovish commentary out of the Chicago Fed and loaded remarks from Merkel ally Meister towards Greece have failed to spark significant movement in GBPUSD.
Trading at 1.5808, price is currently sat above the 1.5800 level where it found stern support during the morning session. Bijoy Kar of MIG Bank can see today's consolidation at support as part of a "pullback towards previous resistance at 1.5793." He continues to add that the pair "has weakened after having reached the 61.8% retracement from the decline in May" and that "support at 1.5767 is expected to hold." He anticipates further GBP strength and has set a "theoretical target of 1.6192".
Elsewhere, in a move which may have longer term implications for GBPUSD, Germany and France are reported to have agreed the formation of a working group with the aim of advancing cooperation on banking, fiscal and monetary union in Europe.
Trading at 1.5808, price is currently sat above the 1.5800 level where it found stern support during the morning session. Bijoy Kar of MIG Bank can see today's consolidation at support as part of a "pullback towards previous resistance at 1.5793." He continues to add that the pair "has weakened after having reached the 61.8% retracement from the decline in May" and that "support at 1.5767 is expected to hold." He anticipates further GBP strength and has set a "theoretical target of 1.6192".
Elsewhere, in a move which may have longer term implications for GBPUSD, Germany and France are reported to have agreed the formation of a working group with the aim of advancing cooperation on banking, fiscal and monetary union in Europe.
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