OctaFX | OctaFX Forex Broker
Open trading account

GBP/USD: recovery loses momentum

FXStreet (Córdoba) - The recovery of the pound against the dollar from 1-year lows stalled at the 1.5915 zone at the beginning of the New York session.

GBP/USD moved away its recent low of 1.5789 and trimmed losses, underpinned by profit taking and a broad based dollar correction after a steep rally. Cable climbed to a high of 1.5916 before losing momentum and settling in a slim range just below 1.5900. At time of writing, GBP/USD is trading at 1.5890, still up 0.14% from Friday’s close.

GBP/USD short-term outlook

Valeria Bednarik, chief analyst at FXStreet, notes GBP/USD lacks bullish strength in short-term charts. “The immediate resistance stands at 1.5920, and it will take some steady gains above it to confirm further intraday gains, eyeing then 1.5950/60 price zone in the short term”, said the analyst. “Friday’s close on the other hand stands as the immediate short term support at 1.5870, with a downward acceleration below opening doors for a steady decline towards 1.5820/30 price zone”.

GBPUSD: Triggers Corrective Recovery – FXT

Mohammed Isad of FXTechstrategy comments on GBP triggering a correction higher, and sees it continuing to maintain its broader downside pressure in the medium term.
Read more Previous

Gold weakens ahead of the US opening

Gold prices are trading weak after failing to capitalize on the gains witnessed during the Asian session as the US indices futures trade flat with equities at record highs.
Read more Next
Start livechat