GBPUSD is consolidating just above the key 1.5000 psychological level. The recent downside momentum has stalled and the pair has been trading between 1.5033 and 1.5268 for the past week, waiting for a catalyst. The 1.5033 level is acting as immediate support and a break below this would expose the July 2013 low at 1.4811. Upon reaching this level GBPUSD would have retraced the entire move up from 1.4811 to 1.7190 (July 2014 high).
The overall trend for GBPUSD is currently bearish as the market is below the daily Ichimoku cloud and the RSI is in bearish territory below 50. The pair has been making lower highs and lower lows since the July 2014 peak of 1.7190.
December 8, 2016 U.S. equities post a new record high. Euro looks to ECB meeting
U.S. equities edged higher to post new highs in yesterday's trading marking one of the strongest one day gains since the November elections. The DJIA gained 1.6% while the S&P500 closed with 1.3% gains...
December 8, 2016 US equities jump sharply
US markets saw a massive rise today as the Dow was up 300 points and the S&P 500 was up 29 points showcasing that investors believe the advent of Trump will have a positive effect on the US economy.
December 7, 2016 GBP falls as industrial & manu. production miss
The pound has come under pressure in London trading today. EURGBP buying has been a driver, with the cross rallying some 0.5% to a peak of 0.8510, since ebbing to around 0.8490. Gains failed to sustain above the 20-day moving average, which is at 0.8503...
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