Forex Trading: GBP/USD Retraces January Highs

As Sterling remains bid after being seemingly oversold across the board, we have seen significant gains against the EUR, CHF, JPY and USD. Looking at a short-term retracement analysis from mid-January below the 1.50 level to the January 23rd lows, we see the pair hit the highs during the London session last night. The pair has since traded lower on some profit-taking and most recently a USD bid on the revised bail out package. The pair has been supported by the 4-50 hour moving average since the end of January. We will look for the technicals below to play here in the short-term.

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