Forex Trading: GBP/USD Takes Advantage Of Thin Market

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Forex Trading: GBP/USD Takes Advantage Of Thin Market

By Greg Michalowski on May 1, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The GBP/USD was able to take advantage of the thin holiday market with Europe celebrating Labor Day as the pair was able to make and hold solid gains. We saw a sharp turn in the RSI below as buyers were able to push the GBP/USD above the 1.48 and 1.49 handles as UK Manufacturing data beat expectations releasing at an 8 month high. The thin market allowed momentum to build with risk appetite able to aid in softening up the USD. Currently the pair is just off session highs but holding strong above 1.49.

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