24 Mar 2015
GBP/USD: Bears licking their lips
FXStreet (Guatemala) - GBP/USD is currently trading at 1.4866 with a high of 1.4985 and a low of 1.4850.
GBP/USD downside is starting to clear with renewed strength in the dollar today vs the pound where the UK CPI's were in line but the US's were higher than exceptions month on month and for the year.The pressures are mounting and while below the downtrend channel resistance of 1.5368, the pair trades heavy.
Karen Jones, chief analyst at Commerzbank, explained that GBP/USD is expected to continue to oscillate between last week’s extremes at 1.5148 and 1.4636. "While 1.5148 caps it should remain under pressure and we look for a retest of the 1.4813 2013 low and then the 1.4636 current March low."
GBP/USD downside is starting to clear with renewed strength in the dollar today vs the pound where the UK CPI's were in line but the US's were higher than exceptions month on month and for the year.The pressures are mounting and while below the downtrend channel resistance of 1.5368, the pair trades heavy.
Karen Jones, chief analyst at Commerzbank, explained that GBP/USD is expected to continue to oscillate between last week’s extremes at 1.5148 and 1.4636. "While 1.5148 caps it should remain under pressure and we look for a retest of the 1.4813 2013 low and then the 1.4636 current March low."