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3 Mar 2015
GBP/USD: Finding support at 1.5360
FXStreet (Guatemala) - GBP/USD is currently trading at 1.5374 with a high of 1.5399 and a low of 1.5343.
GBP/USD has found a minor bounce on 1.5360 vs the downward pressures on the day from 1.5390. Data has been scarce with just Construction PMI's that improved to 60.1 vs 50 consensus for February. 1.5360 seems to be a level that is of interest each way with 1.5400 a psychological barrier to the upside in the near term.
Karen Jones, chief analyst at Commerzbank explained that GBP/USD came under pressure yesterday following last weeks key day reversal. "We continue to suspect that the market has topped at 1.5550. The market has not traded above its cloud since July 2014 and we suspect last week saw a false break higher."
GBP/USD has found a minor bounce on 1.5360 vs the downward pressures on the day from 1.5390. Data has been scarce with just Construction PMI's that improved to 60.1 vs 50 consensus for February. 1.5360 seems to be a level that is of interest each way with 1.5400 a psychological barrier to the upside in the near term.
Karen Jones, chief analyst at Commerzbank explained that GBP/USD came under pressure yesterday following last weeks key day reversal. "We continue to suspect that the market has topped at 1.5550. The market has not traded above its cloud since July 2014 and we suspect last week saw a false break higher."