FXstreet.com (Barcelona) - The market is retracing Friday's losses and, like the EUR/USD, the GBP/USD has been moving up since the Asian session, and after some sideways movement around the London opening, the pair reached 1.6052 high. The pair is now consolidating around 1.6045 area.
Besides retracing Friday's losses, Monday's upside is distancing the GBP/USD from October's lows, located at 1.5977, only 13 pips from today's low of 1.5990.
“We will assume rallies are likely to now struggle 1.6100/56 and slide back to the October low at 1.5977”, wrote Commerzbank analyst Karen Jones, pointing to the 55-day moving average located there and with ability to hold the pair.
Besides retracing Friday's losses, Monday's upside is distancing the GBP/USD from October's lows, located at 1.5977, only 13 pips from today's low of 1.5990.
“We will assume rallies are likely to now struggle 1.6100/56 and slide back to the October low at 1.5977”, wrote Commerzbank analyst Karen Jones, pointing to the 55-day moving average located there and with ability to hold the pair.
