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GBP/USD continues to make up ground
The Federal Reserve and FOMC have continued to be less than convincing when discussing interest rate rises in the US. Less than six months ago the currency markets consensus view was that we would have two 25 basis-point cuts before the end of 2015, with the first possibly as early as June.
Subsequently, this timeline has been pushed further and further away as the phraseology of those voting members has become increasingly wooly. At the same time as this, the economic data that has come out of the US has become less encouraging. Although the US still remains considerably further down the road of recovery than the rest of the world, that lead has slowly but surely been eaten into.
This recent run in GBP/USD has taken it back up to six month highs and the $1.5825 level will be a real test of the resilience of this move. Once again, the currency cross has moved into heavily overbought territory that may well be the catalyst for a correction if not a change in direction.