Forex: The GBP/USD off highs and retraces below 1.5800
Forex pairs in this Article »
GBP/USD
FXstreet.com (San Francisco) - After peaking to intra-week high at 1.5815, the GBPUSD has retraced into levels below the 1.5800 mark to trade at the current 1.5795. The pair is rising 0.21% on the day.
The GBPUSD is trading in recovery mode for second straight day after bottoming at 1.5670 on January 28. "Further decline is expected as long as the resistance at 1.5893 (21/01/2013 high) holds. An hourly resistance is at 1.5827 (25/01/2013 high)", wrote MIG Bank analyst Bijoy Kar.
The GBPUSD is trading in recovery mode for second straight day after bottoming at 1.5670 on January 28. "Further decline is expected as long as the resistance at 1.5893 (21/01/2013 high) holds. An hourly resistance is at 1.5827 (25/01/2013 high)", wrote MIG Bank analyst Bijoy Kar.
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