GBP USD retreating to low in Forex market
4/12/2017 9:56:25 AM
The upside momentum around the pound appears to have lost impetus just ahead of the 1.2495 handle against the dollar, with GBP/USD now retreating to the area of 1.2475 ahead of the European open.
Spot preserves the weekly upside intact in spite of the current small pullback, expanding the rebound of recent lows in the 1.2366 band receded by the soft start of the week by the USD.
As mentioned above the pair is down 0.061% at 1.2484 and a breakdown of 1.2462 would reveal 1.2420 and ultimately 1.2403. On the upside, the next persistence line up at 1.2510 followed by 1.2563 and then 1.2635.
FOREX market analysis by FxErvin.