Forex: GBP/USD bounces from 1.5716 low
FXstreet.com (Barcelona) - Like in the EURUSD chart, a "risk off" momentum pushed the GBPUSD lower down to 1.5716 ahead of the London opening. The pair is now back to 1.5740, but still weaker on the day (-0.23%).
No economic data is expected for the UK today, but investors will be eyeing the US events, including the publications of Durable Goods, Pending Home Sales, and Dallas Fed Manufacturing Business Index.
"Negative 1 and 4h chart structure keeps the downside favored, however, brief consolidation at 1.5700, is not ruled out, as hourly indicators are entering oversold territory", wrote Windsor Brokers analyst Slobodan Drvenica, pointing to a static support at 1.5634 (16 Aug low) below 1.5700, and then the 1.5600 mark. "Session high at 1.5784, offers initial resistance, while filling gap and extension above 1.5800 would delay immediate bears", he added.
No economic data is expected for the UK today, but investors will be eyeing the US events, including the publications of Durable Goods, Pending Home Sales, and Dallas Fed Manufacturing Business Index.
"Negative 1 and 4h chart structure keeps the downside favored, however, brief consolidation at 1.5700, is not ruled out, as hourly indicators are entering oversold territory", wrote Windsor Brokers analyst Slobodan Drvenica, pointing to a static support at 1.5634 (16 Aug low) below 1.5700, and then the 1.5600 mark. "Session high at 1.5784, offers initial resistance, while filling gap and extension above 1.5800 would delay immediate bears", he added.
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