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25 Feb 2015
GBP/USD: Back on the bid and headed for 1.55?
FXStreet (Guatemala) - GBP/USD is currently trading 1.5494 with a high of 1.5540 and a low of 1.5445.
GBP/USD is steady on the bid again after meeting supply through 1.5520, but remains well placed from the demand that came in at 1.5330 at the start of the week. The dollar has been punished on the back of Yellen's two days of testimonies given that markets are now concluding that there will be no hike in June form a data dependant Fed.
Meanwhile, GBP/USD has again held the 23.6% retracement of the move down from July 2014 and this is located at 1.5481, according to Karen Jones, chief analyst at Commerzbank. "The top of the daily cloud is also found here at 1.5490 and we have not been above here since July 2014."
GBP/USD is steady on the bid again after meeting supply through 1.5520, but remains well placed from the demand that came in at 1.5330 at the start of the week. The dollar has been punished on the back of Yellen's two days of testimonies given that markets are now concluding that there will be no hike in June form a data dependant Fed.
Meanwhile, GBP/USD has again held the 23.6% retracement of the move down from July 2014 and this is located at 1.5481, according to Karen Jones, chief analyst at Commerzbank. "The top of the daily cloud is also found here at 1.5490 and we have not been above here since July 2014."