GBP Jumping to upper range versus USD
5/29/2017 3:38:43 PM
The pound has begun the week on a stable note up to now, pushing GBP/USD to the upper jump of the range near 1.2835.
Meanwhile, spot keeps correcting lower after weakening to expand the rally more north of the 1.3040 band, provoking market participants to think that a top could be in place for now.
As mentioned above the pair is gaining 0.24% at 1.2830 and a breakout of 1.2930 would wish for 1.2950 and ultimately 1.3014. On the other hand, the immediate support align at 1.2770 followed by 1.2760 and then 1.2700.
FOREX market analysis by FxErvin.