GBP/USD trades on consolidation, retreats below 1.5250
The Sterling is trading in consolidation path against the Dollar today's Monday session and after testing 1.5280 levels, the pair has retreated to levels below 55 hours moving average at 1.5245. Currently the pair is trading 0.20% below opening price action at 1.5267."Risk exits towards 1.5380 level," says Mohammed Isah, Analyst at FXTechtrategy, "the pair wiped out about 75% of its declines from the 1.5380 level (Mar 17’10 high) to the 1.47832 level to close the week higher at 1.5204 on Friday, This has left GBP eyeing further strength towards the 1.5380 level, its Mar 17’10 high with a breach of there resuming its recovery (from 1.4782) towards the 1.5574 level, its Feb 23’10 high and possibly higher aiming at the 1.5814 level, its Feb 17’10 high. Its weekly RSI has turned higher from oversold zone supporting this view."
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