OctaFX | OctaFX Forex Broker
Open trading account

Forex: GBP/USD reverses daily losses

The British pound managed to reverse earlier losses against the greenback after falling to a 3 ½-year low of 1.4830 in the wake of disappointing UK data.

GBP/USD however, recovered ground during the American session as the greenback weakened and rose to a session high of 1.4913, stalling just ahead daily highs. At time of writing, GBP/USD is trading around 1.4895/1.4900, little changed since opening.

"Corrective movement may extend up to 1.4940/50 area, where 20 SMA in the 4 hours chart should offer short term resistance and attract sellers", says Valeria Bednarik, chief analyst at FXstreet.com. "Steady gains above however, may see the pair extending near 1.4990 price zone". On the downside, Bednarik sees supports at 1.4870, 1.4835 and 1.4810.

Troika negotiating a smaller bailout with Cyprus

According to Newswires, officials have said that the Troika mission is negotiating a significantly smaller bailout with the Cyprus government on the back of a higher privatization proceeds.
Read more Previous

Forex: EUR/JPY resuming the downside, around 125.00

The pair is now resuming its intraday downside, after a bout of risk appetite lifted the single currency and pushed the cross from lows around 124.40 to the boundaries of 125.80...
Read more Next
Start livechat