Forex | Forex | Forex: GBP/USD holds above 1.6250 (02/09/2009 19:57:00)

Forex: GBP/USD holds above 1.6250

FXstreet.com (Córdoba) – The rally of the Pound against the Dollar eased in the last hours. GBP/USD tested 1.6300 but could not break above. The pair pulled back finding support at 1.6250. Current price at 1.6275/78 is 0.80% above today’s opening price. Cable is accumulating an increase of more than 70 pips during the American session.

According to James Hyerczyk of ForexHound.com: “A huge surge in gold is helping to support a rally in the GBP USD. Technical factors are also contributing to the rally. The inability to break yesterday’s low triggered a short-covering rally as the market ran out of sellers because of oversold conditions. The lack of major players in the market is helping to drive weaker shorts out.”



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