Forex: Cable falls below 1.61, worst single day since Sept 2011
Forex pairs in this Article »
GBP/USD
FXstreet.com (Barcelona) - Cable is currently tanking to fresh year 2013 lows last at 1.6064, where, according to FXMarketAlerts Team, the pair might find some support, as it has broken below previous one: " next support stands at 1.6106/00," the analysts said, adding: "A break there if seen would lead to 1.6064 and then 1.6000."
A series of worse than expected economic data for the UK during London session, coupled with broad USD strength, have lead to one of worst single days for Cable to the downside not seen since Sept 2011, down -1.17% from yesterday alone. The pair broke to the upside following US "fiscal cliff" deal Tuesday printing fresh 16-month highs at 1.6400, just to being sold-off ever since.
Immediate support to the downside for GBPUSD lies at current levels as Nov 27 highs 1.6060, followed by Dec 07 lows at 1.5999, and Nov 28 lows at 1.5954. To the upside, nearest term resistance shows at Dec 24 lows 1.6099, followed by Dec 05 highs at 1.6133, and Dec 17 lows at 1.6152.
A series of worse than expected economic data for the UK during London session, coupled with broad USD strength, have lead to one of worst single days for Cable to the downside not seen since Sept 2011, down -1.17% from yesterday alone. The pair broke to the upside following US "fiscal cliff" deal Tuesday printing fresh 16-month highs at 1.6400, just to being sold-off ever since.
Immediate support to the downside for GBPUSD lies at current levels as Nov 27 highs 1.6060, followed by Dec 07 lows at 1.5999, and Nov 28 lows at 1.5954. To the upside, nearest term resistance shows at Dec 24 lows 1.6099, followed by Dec 05 highs at 1.6133, and Dec 17 lows at 1.6152.
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