Pound is seeing some strong buying interest this Tuesday, with GBP/USD rising to a fresh 5-day high above 1.5640 by the time of writing. Early news show the Nationwide Consumer Confidence Index rose to 40 from the record low printed in October of 36. Readings show however, the number is still at near half its long term average of 77 which indicates a long way to go before sentiment turns positive.
The GBP/USD price is nearing past week high at 1.5656, immediate resistance zone,current acceleration against greenback may be temporal, and due to profit taking and low volumes typical of this time of the year. Daily close above 1.5660 area however, may signal a short term continuation rally towards the 1.5730/70 price zone.
By
M.Zohaib Gadit
Forex Trading Consultant
The GBP/USD price is nearing past week high at 1.5656, immediate resistance zone,current acceleration against greenback may be temporal, and due to profit taking and low volumes typical of this time of the year. Daily close above 1.5660 area however, may signal a short term continuation rally towards the 1.5730/70 price zone.
By
M.Zohaib Gadit
Forex Trading Consultant
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