FXstreet.com (Córdoba) – The GBP/USD rose 130 pips in the last three hours, jumping from daily lows at 1.6165 to 1.6302, hitting the highest price since last Friday. The upside continues to be capped by the 1.6300 zone but the Pound is off session lows and seems no longer under pressure, at least for Friday.
An improvement in market sentiment and a decline of the Dollar across the broad triggered a rally in the GBP/USD that is headed toward a moderate weekly gain after falling in the previous two.
”The weakness of the Pound in other exchange rates confirms that the rise in the Sterling - US Dollar rate has a lot more to do with US Dollar weakness than it does with Sterling strength”, said David Johnson from Halo Financial. According to him, the pair has buyers at 1.61 and sellers at 1.67. “In spite of all that is happening in the US economy, in the UK economy or elsewhere, these are the target levels that traders are aiming at so whether you are a buyer or seller of either currency, it is easy to see where you should be targeting as well”.
GBP/USD May 21 at 09:32 GMT
1.6227/32 (-0.0012%)
H 1.6237 L 1.6229
S3 S2 S1 R1 R2 R3
1.6047 1.6087 1.6127 1.6268 1.6309 1.6350
[?]Trend Index [?]OB/OS Index
Strongly Bullish Neutral
Data updated on May 20 at 18:45 GMT (15-minute timeframe)
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