Technical breakdown on GBP/USD does not bode well for the bulls

Despite some early gains in equities, there are hints in the forex and commodity markets that risk appetite is low and not as positive as perhaps the gains overnight on Wall Street would have you believe. The US markets were playing catch up after Monday’s President’s Day national holiday and the S&P 500 surged by 1.6%. Asian markets have been mixed to lower overnight with the Nikkei down 1.4% as the yen has strengthened again and there was disappointment in the Japanese machinery orders. European markets have....