Forex Trading: GBP/USD Approaches 14-Day Moving Average

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Forex Trading: GBP/USD Approaches 14-Day Moving Average

By Greg Michalowski on June 5, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

With risk aversion showing its face once again in the currency market, the GBP/USD has found some nice temporary support where the 14 Day Moving Average comes into play (around 1.6030). What goes up must come down as the GBP/USD quickly jumped up several big figures only to retrace and pop back down as rumors out of the UK regarding PM Brown and negative sentiment chopped away at the pair’s gains. The USD was able to make some sharp gains across the board and uncertainty regarding the global economy’s recent rally failed to build serious momentum.

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