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GBP/USD; when to get off the train?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - GBP/USD took out all of the bears stops today and marched on the 1.45 handle to score recent highs of 1.4604 in fact.

    It has been a very bad day for the dollar, sold off across the board. The sell-off in the dollar is largely unexplained although when a position is very heavy, when it unwinds, it can be very painful if you are on the other side. fundamentally, Fed's Dudley dovish comments did not help no matter how positive the US ADP report was and nor did the ISM services PMI that arrived 53.5 vs 55.1 exp.

    GBP/USD levels

    Technically, GBP/USD is beyond near term levels having marched through stop territory with the next landmark on the horizon at the daily 50 sma, 1.4723. The paid is in oversold territory and is due a period of consolidation if not profit taking and a correction.
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