It is not a good sign when a currency stops rising on good news but that appears to be what happened to the Dollar at the end of last week.
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GBP/USD continues exerting pressure on 1.2415 where both the 50-day moving average and the monthly pivot are situated and provide a tough barrier of support limiting further declines.
Read more … →The US Dollar rose strongly on the back of good inflation and retail sales data from the United States in mid-week trade, only to give the gains back.
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Our technical bias on the GBP/USD has been reinforced following the release of CPI inflation data out of the United States in the mid-week session.
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The Pound to Dollar exchange rate will be eyeing events in the United States today as the economic calendar hots up.
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The recovery in the dollar has stalled as markets look towards Janet Yellen’s key testimony to Congress over the next couple of days.
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“One can wager that the US Dollar’s correction since the start of the year is probably nearly over,” goes the unabashedly pro-USD rally cry from analysts at France’s financial services bank Natixis…
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