FXstreet.com (Barcelona) - GBP/USD has been trading close to MA55 hourly chart close to 1.5965 during the Asian session, testing the MA55 periods in hourly chart after rising from 1.5930 in the early early opening week. Last hour Cable has fallen from 1.5965 to trade below 1.5950, close to 1.5940.
Currently the pair is trading around 1.5945/55, 0.15% below today's opening price action at 1.5985.
The AceTrader analyst team comments: Despite initial weakness to 1.5932 in Asian morning, as cable has rebounded fm there, suggesting choppy range trading abv last week's low at 1.5923 wud continue with mild upside bias but reckon res at 1.6023 wud hold n yield another fall later.
The Trade The News Staff affirms: The greenback is firmer against the European major currencies (EUR/USD below $1.4400, GBP/USD near $1.5950 and USD/CHF above 1.0350). There has been speculation on today's session that US companies may be bringing some of their profits back home, which is seen as US dollar supportive. The Japanese yen is weaker across the board, with USD/JPY trading above ¥91.40, on improved risk appetite.