Pound Sterling Price News and Forecast: GBP/USD rebound from 1.2233 extends to session highs at 1.2335
|GBP/USD: Can this recovery be trusted? [Video]
We have been seeing more fight from the Cable bulls recently, however on a renewed swing back to the dollar during US trading yesterday, a decisive negative candle formed to once more damage the prospects of a recovery. Losing over -100 pips from the day high yesterday will have been a disappointment, and seriously questions whether this is a recovery that can be trusted. Were the bulls to have been in control they would have been looking to find a higher low within the support band $1.2245/$1.2295, but this move seems to have failed before it has even seriously got going.
GBP/USD crawls higher and returns above 1.2300
The pound has been trading firm during Thursday’s US session to pare Wednesday’s losses, stretching to session highs above 1.2300. The sterling has shrugged of yesterday’s weakness to appreciate 0.4% through the day, buoyed by US dollar weakness and a more positive market mood.
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