Forex Trading News: GBP Staying Firm

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Forex Trading News: GBP Staying Firm

By Greg Michalowski on January 28, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The GBP is staying firm and is just off session highs (1.4328) as the GBP/USD is creeping towards the 50.0% Fibonacci level using 1/8’s high and 1/23’s low. Aiding this strong GBP recovery from 23 year lows vs. the USD and push away from the risk averse USD and JPY is renewed risk appetite as equities found some recent positive momentum. In addition, better than forecast corporate earnings and economic data are helping. We’ll see if the GBP can hold this strength as today traders key in on day 1 of the World Economic Forum in Davos and Fed rate decision at 2:15 PM EST.

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