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2 Sep 2015
GBP/USD hits fresh highs above 1.5300
FXStreet (Córdoba) - The pound erased losses against the US dollar and is now rising for the first time in more than a week. GBP/USD recently printed a fresh daily high at 1.5325.
Has GBP/USD found a bottom?
Cable bottomed on Wednesday after the release of Construction sector data in the United Kingdom at 1.5263, the lowest level since mid-June. Then it stabilized with the numbers of the US ADP employment report. Afterwards started to move modestly to the upside and recently accelerated as the US dollar declined across the board.
So far the recovery of the pound has been modest and still remains below previous important support levels, like the 1.5340/50 zone. Greenback holds a bullish tone but the first gain since August 24 for the pound could be a signal of a bottom, at least until the release of the NFP report on Friday, that could trigger volatility across financial markets.
Has GBP/USD found a bottom?
Cable bottomed on Wednesday after the release of Construction sector data in the United Kingdom at 1.5263, the lowest level since mid-June. Then it stabilized with the numbers of the US ADP employment report. Afterwards started to move modestly to the upside and recently accelerated as the US dollar declined across the board.
So far the recovery of the pound has been modest and still remains below previous important support levels, like the 1.5340/50 zone. Greenback holds a bullish tone but the first gain since August 24 for the pound could be a signal of a bottom, at least until the release of the NFP report on Friday, that could trigger volatility across financial markets.