Forex Marketz Daily Forex News – Fully Markets Update
The GBP/USD has been moving higher. The Sterling has now touched on four month highs and cleared the February top. The Pound is being buoyed by the UK election results. Near term resistance is at 1.5665. A daily close above this level will challenge 1.58. Should the Sterling turn lower, there is a cluster zone ranging from 1.5555 to 1.5550. Close below this level challenges the technical support at 1.5445.
Price action is narrow and at a technical resistance level, so entering a long GBP trade is not forthcoming from a risk to reward perspective. I will opt to stand aside a bit longer and monitor the charts.