FXstreet.com (Córdoba) - The British Pound has entered in a consolidation phase after rallying over 60 pips versus the Greenback during American hours. GBP/USD rose to 1.6163 ahead of the EU stress tests results but couldn't extend gains above that level and retreated.
Cable is settling round its 20-hour SMA at the 1.6125 region on track to close the day virtually unchanged, the week up 0.76% but over 350 pips or 2.27% above its 5-month low struck on Tuesday at 1.5777.
"Like the euro sterling too staged a dramatic recovery against the US dollar this week and looks set to continue higher in the short term, at least to re-test the 1.65 area once more", said Anna Coulling, analyst at Master The Markets.
Source : fxstreet.com
Saturday, July 16, 2011
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