12:41, 06 May

Market recap

We also covered the GBPUSD which finished the week surging higher towards the key 1.32 level and a one month high. It had previously enjoyed a solid week rallying and then surging higher to get back above the 1.30 level after it has spent the last six weeks or so falling lower from a nine month high near 1.34. In the last couple of weeks it has fallen steadily lower with very little signs of support so the last week or so has been very positive. The 1.32 level has been significant of late and is likely to play a role again with sellers likely to jump in at this level. In early March the GBPUSD fell sharply from an eight month high back down below the key level of 1.32 before rallying again and reaching a nine month high shortly afterwards. The other key level presently is 1.27 which may be called upon should the GBPUSD continue to fall lower from its present trading levels.