GBP USD got read of 7 week decline
12/23/2016 11:56:47 AM
After 7 week FOREX market activities, the GBP versus USD decline around 1.2275 in early Asia, the GBP/USD pair expands its slight recovery effort into Europe among continues softness seen behind the dollar across the board, in wake of dropping shorter-duration treasury yields.
Furthermore, the GBP stays bid on expectations of upbeat UK current account data and in-line with forecasts final GDP figures, which may take the recovery in cable beyond 1.2305 handle.
In technical viewpoint, upside barriers are aligned at 1.2305, 1.2340 and 1.2380. While supports are seen at 1.2275 and 1.2245 and below that at 1.2210.
FOREX Fundamental Analysis
Written by FxErvin