The GBPUSD is making new highs for the day and is trading at the highest
level since January 5th. The pair has moved above the 38.2% of the
move down from the December high at the 1.5269 level and has trend like
tendencies in the price action today.
The next major target on the topside off the daily chart comes in against the 50% retracement of the same move lower and topside trend line. That level comes in at the 1.53675 area.
The GBPUSD is being boosted by the thought that the UK is the next best thing to the US. With the effects of the dollar showing up in the trade data (GDP will be likely revised lower), the “international” clause in the Fed’s last statement, might start to carry more weight going forward. The 1.5000 level has also been successfully defended (the low reached 1.4950 with limited time below the level). The market tested the 1.5000 level on Tuesday and quickly rebounded.
Read more at Click here / www.trade4x.net
The next major target on the topside off the daily chart comes in against the 50% retracement of the same move lower and topside trend line. That level comes in at the 1.53675 area.
The GBPUSD is being boosted by the thought that the UK is the next best thing to the US. With the effects of the dollar showing up in the trade data (GDP will be likely revised lower), the “international” clause in the Fed’s last statement, might start to carry more weight going forward. The 1.5000 level has also been successfully defended (the low reached 1.4950 with limited time below the level). The market tested the 1.5000 level on Tuesday and quickly rebounded.
Read more at Click here / www.trade4x.net
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