Forexlive Americas forex news wrap: GBPUSD swings around in volatile trading

Forex news for NY trading on February 7, 2017
In other markets:
– US stocks closed up marginally with the S&P up 0.02%. The Nasdaq closed at record highs (up 0.19%). The Dow was also up ).19%
It was a crazy day in the GBP today. That currency was the weakest coming into the NY session, and it is ending as the strongest of the majors at the end of the day.  BOE’s Kristen Forbes warned that the central bank may have to tighten sooner than expected (she is a hawk), but I cannot say that her comments ignited a huge rally. Instead, it seemed like a combination of support holding at the 50% of the move up from the January low at 1.23456 (the low stalled within 1 pip of that level at 1.23463), and a move back above a broken support level at 1.2411-17, that caused the sellers, to  turn to buyers. The covering was on.  The rally continued until the pair reached a cluster of resistance from 1.2519 to 1.2543 (100/200 hour MAs and swing levels – ).  The high reached 1.2545 and it settle back lower (closed the day at 1.2505).  With the down and up day, the which way we go is a mystery but the 100 day MA at 1.2455 is once again a support level on dips. The 1.2543 remains resistance above…