It's not about the gbp...the "FED affect" was a false USD selloff...Friday was the day to start buying USD again! The Market makers created a false move higher in A/U, G/U, and E/U. Think about it...if you were a big market player looking to go long USD, would you want to buy it when it's strong or weak????
GBP/USD: has the Cable stretched too far?
Today has been all about the European stock markets which have closed sharply higher on hopes for a Greek deal this week. The FX markets have been far less volatile, although the dollar has gained some ground on the back of some decent US economic data, namely the latest existing home sales which climbed by a good 5.1% in May to an annualised rate of 5.35 million. It was better than the 5.27 million expected and also higher than the upwardly revised reading of 5.09 million for April. Though the dollar isn’t exactly on a tear, it is showing strength against most currencies, except the euro which is underpinned by ... (full story)