GBP USD Rallies as Report Weighs on Safe-Haven Dollar

The GBP USD recovered after an overnight setback triggered byuncertainty regarding an underground nuclear test and the launching oftwo missiles. This market turned around however following the releaseof a better than expected U.S. Consumer Confidence report. This reportweighed on the safe-haven status of the Dollar.

The GBP USD recovered after an overnight setback triggered by uncertainty regarding an underground nuclear test and the launching of two missiles. This market turned around however following the release of a better than expected U.S. Consumer Confidence report. This report weighed on the safe-haven status of the Dollar.

Investors feeling more comfortable with the U.S. economic outlook bought British Pounds and drove its price through last week’s high. The strong trend is likely to continue as long as U.S. economic data continues to signal a bottom in the economy. Traders now have the retracement zone at 1.6085 to 1.6694 in sight.

James A. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using W. D. Gann Theory as his core methodology, Mr. Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. His firm, J.A.H. Research and Trading publishes The Forex Pattern Price Time Report... More

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