FXstreet.com (CÃ³rdoba) - The rally of the Pound against the Dollar eased in the last hours. GBP/USD tested 1.6300 but could not break above. The pair pulled back finding support at 1.6250. Current price at 1.6275/78 is 0.80% above today's opening price. Cable is accumulating an increase of more than 70 pips during the American session.
According to James Hyerczyk of ForexHound.com: A huge surge in gold is helping to support a rally in the GBP USD. Technical factors are also contributing to the rally. The inability to break yesterday's low triggered a short-covering rally as the market ran out of sellers because of oversold conditions. The lack of major players in the market is helping to drive weaker shorts out.