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3 Feb 2015
GBP/USD rally topping out ahead of 1.5200
FXStreet (Guatemala) - GBP/USD is currently trading at 1.5182 with a high of 1.5199 and a low of 1.4987, up over 1% on the day.
GBP/USD is topping out after a 168 pip rally from 1.4987 in early European trade. The major is trading higher on the back of dollar weakness across the board, with oil making gains and the euro making good ground with a relief rally around the Greek news, and EUR/GBP is up 0.36% also.
This week comes with the MPC, and it is not expected to give the market any change so then we look ahead to the Nonfarm payrolls data at the end of the week and leaves us focussed on the dollar for the time being. Near term rallies could run out of steam ahead of the 1.5200 psychological handle, and then 1.5300, but major resistance comes at the recent downtrend from 1.5337 and leaves the bearish tone over the major there.
GBP/USD is topping out after a 168 pip rally from 1.4987 in early European trade. The major is trading higher on the back of dollar weakness across the board, with oil making gains and the euro making good ground with a relief rally around the Greek news, and EUR/GBP is up 0.36% also.
This week comes with the MPC, and it is not expected to give the market any change so then we look ahead to the Nonfarm payrolls data at the end of the week and leaves us focussed on the dollar for the time being. Near term rallies could run out of steam ahead of the 1.5200 psychological handle, and then 1.5300, but major resistance comes at the recent downtrend from 1.5337 and leaves the bearish tone over the major there.