GBP/USD Extends Gains

GBP/USD continues to rally and has crossed the 1.55 line. Cable is still riding on the GDP releases last week, where the UK avoided a triple dip recession and grew by 0.3% in Q1 2013, while the US disappointed with an annual growth rate of 2.5%.

The pair jumped the UK release and extended its gains towards 1.55 on the US one, but failed to break 1.55 – it missed by one pip. But now, a new week brings new momentum.

1.56 is the next significant line. Live chart of GBP/USD:

[do action=”tradingviews” pair=”GBPUSD” interval=”60″/]

PMI releases are the main events in the UK this week. For more, see the British pound forecast.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.