Forex Trading: GBPUSD better bid this morning.
Posted by Greg Michalowski on Mon, 05/12/2008 - 9:46am in
The GBP has been bid today as the UK PPI came up much stronger than expected at +2.4% MoM. The bottom line on a flag formation on the daily chart held earlier today. That - coupled with the strong fundamental news - was enough to send the GBPUSD moving higher.
The pair is above the 100 hour moving average (at 1.9573) and approaching the 1.9620 level which is the low from April 30th and the high from May 8th. The 200 hour moving average comes in at 1.9668.
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