01/24/2016 - GBP/USD - Merely an oversold bounce?

Forex

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* GBP/USD: Merely an oversold bounce?
* Market Movers: Weekly Technical Outlook
* Look Ahead: Stocks
* Look Ahead: Commodities
* Global Data Highlights

Things are looking decidedly better for risk assets today, and not just in a "Thank Goodness It's Friday" kind of way. Starting with the world's most important market of late, oil has built on yesterday's gains and, assuming the current gains hold, WTI is on track for back-to-back daily gains for the first time since before Christmas. As noted below, talk of a long-term bottom in oil prices is premature at this stage, but traders will take anything they can get after the relentless collapse that started the year.

The greater optimism about oil is spilling over into other major asset classes, with global equities trading higher across the board and "risk" currencies rallying at the expense of safe havens like the Japanese yen. Like oil, one currency pair that's long overdue for a bounce is GBP/USD, which tagged... Full text »


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