GBP/USD: Similar to EURO, the British Pound is also enjoying a field day, having managed to scale above 1.24 handle on broad-based USD’s weakness. While the sharp upsurge was the result of aggressive fed stimulus measures and rate cut updates, USD has managed to firm up and contain its loss which along with a lack of fundamental support for GBP bulls resulting in pair declining back towards 1.23 handle around which it has displayed a consolidative price action. The pair needs to gain stronghold above the 1.235 handle for any chance at further recovery, while a decline below 1.23 handle will lead to a sharp decline towards 1.22 handle.
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