Forex Marketz Daily Forex News – Fully Markets Update
The Sterling is now testing highs achieved back in May of 2014. The election results have all but supported the Pound across the board. The GBP/USD is trading in a cluster resistance area from 1.5445 to 1.5665. A daily close above this level could see the 1.60 pivot. Expect some consolidations to emerge for a couple of days.
Price action is right smack dab in the middle of a resistance level. Does not make sense form a risk to reward perspective for a long GBP trade. There are no key reversal signal warranted a long USD trade either. For now, I am opting to stand aside.