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8 Feb 2013
Forex: GBP/USD extends gains to November low, 1.5829
The British Pound is showing signs of strength as the week ends with the 1.5800 mark back to play and an extension higher with a little help of US money flows. The GBP/USD is rising at the moment, past the previous high made ahead of US trade deficit data, at 1.5820. The market has reached November low of 1.5829 and is looking at 1.5870 (February opening price) and 1.5879 (February high).
"Weekly close above 1.5800 is seen as supportive for possible stronger recovery, as bearish tone sees the current move as corrective part of broader downtrend from 1.6380, 02 Jan peak", wrote Windsor Brokers analyst Slobodan Drvenica.
"Weekly close above 1.5800 is seen as supportive for possible stronger recovery, as bearish tone sees the current move as corrective part of broader downtrend from 1.6380, 02 Jan peak", wrote Windsor Brokers analyst Slobodan Drvenica.