GBP/USD retreats

Market news

3 March 2011

GBP/USD retreats

GBP/USD corrected to $1.6261, as the EUR/GBP broke above resistance at stg0.8525 to extend its recovery off earlier lows at stg0.8480. Below $1.6260 rate can ease toward $1.6250 (stops below). Key support noted at $1.6246 (76.4% retrace of Wednesday's move up from $1.6216 to $1.6344). While rate holds above here seen keeping positive tone alive.

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