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GBP/USD resurges with US weakness - FXStreet

FXStreet (Łódź) - According to FXStreet Chief Analyst Valeria Bednarik, GBP/USD rose following the disappointing US data releases, unable to do that earlier on the positive UK employment numbers.

Key quotes

"Half way of yesterday’s losses, the pair trades above former low of 1.5950 now immediate support, with the hourly chart showing price extending above its 20 SMA and indicators aiming higher above their midlines, supporting some further gains."

"In the 4 hours chart however, there’s a long road ahead before technical readings can give a bullish signal, with a bearish 20 SMA capping the upside in the 1.6020 price zone."

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