GBP USD is trading on the protective mood
8/29/2016 10:54:46 AM
The Pound is trading on the protective on Monday, taking GBP/USD to the 1.3140 area ahead of the opening bell in Euro land. Spot has improved some pips after bottoming out in the 1.3100 area during overnight trade, as the dollar has exposed part of its gains following the hawkish speech by Yellen on Friday. Today’s bank holiday in the UK markets will remove a big part of the usual activity in Europe, leaving the pair unprotected to USD-dynamics and the wider risk appetite tendencies. Meanwhile, GBP stays under pressure following the latest CFTC report. As of writing the pair is losing 0.09% at 1.3130 facing the next support at 1.3090 followed by 1.2865 and to conclude 1.2850. On the other hand, a breakout of 1.3215 would open the door to 1.3320 and then 1.3375.
Fundamental Analysis by