Forex: GBP/USD recovers the mark of 1.6014/17
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GBP/USD
FXstreet.com (Barcelona) - After Friday's surge in the exchange rate that took the pair into the heights of 1.6050 (November 23 high), the pair has since retraced those gains, surrendering ground Monday during European trading. Despite the pair trading in negative territory, the cross has rallied slightly in recent minutes off of an intraday minimum (1.6000), recovering 15 pips to settle at 1.6014/17 in these moments.
Presently the cross has incurred a loss of -0.14% on the day. "Technically speaking, we maintain a neutral stance on the GBPUSD. Given the recent price movement, we calculate the supportive structures at 1.5919. Conversely, a closing break above the initial resistance at 1.6069 would illustrate a bullish development, signaling additional mediums of correction at 1.6126 onto 1.6175." write Research Analysts Gareth Berry and Geoffrey Yu at UBS.
There is little of note during the rest of the day that would warrant any large-scale movements for the pair. Looking ahead to Tuesday however, several high profile GBP indicators and other pertinent data is scheduled for release in the United Kingdom, beginning at 7:00 GMT.
Presently the cross has incurred a loss of -0.14% on the day. "Technically speaking, we maintain a neutral stance on the GBPUSD. Given the recent price movement, we calculate the supportive structures at 1.5919. Conversely, a closing break above the initial resistance at 1.6069 would illustrate a bullish development, signaling additional mediums of correction at 1.6126 onto 1.6175." write Research Analysts Gareth Berry and Geoffrey Yu at UBS.
There is little of note during the rest of the day that would warrant any large-scale movements for the pair. Looking ahead to Tuesday however, several high profile GBP indicators and other pertinent data is scheduled for release in the United Kingdom, beginning at 7:00 GMT.
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