GBP/USD Forecast: Stable for last 24 hours, scope for correction

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    A stable GBP/USD pair has become a rare sight since December, but the pair finally found some stability in the last 24 hours – stuck in a 100-pip range of 1.4120-1.4220. The drop in the UK unemployment rate and a slightly better-than-expected UK wage growth data coupled with a weak US CPI and housing starts figure opened doors for a much needed technical correction in the pair. The spot attempted a recovery but was rejected at the hourly 50-MA. As of now the pair is trading around 1.4175

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