Forex: GBP/USD challenging support at 1.6000
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GBP/USD
FXstreet.com (Barcelona) - The sterling continues to grind lower, threatening to penetrate the psychological support at 1.6000 and little changed after the NIESR GDP Estimate rose to 0.8% in September, from +0.2% in the previous reading.
Low performance in the single currency along with depressed risk appetite and poor UK data out of industrial and manufacturing production plus a wider trade defcit were far too much for the sterling, falling to lower ground, ahead of the speech by BoE Governor M.King due later on in the European evening.
At the moment, GBPUSD is down 0.12% at 1.6006 with the next support lying at 1.5987 (low Sep.11) ahead of 1.5960 (low Sep.10) then 1.5923 (low Sep.7) and 1.5905 (MA55d).
On the upside, a breakout of 1.6130 (MA10d) would open the door to 1.6142 (hourly high Oct.8) then 1.6163 (MA21d) and 1.6218 (high Oct.5).
Low performance in the single currency along with depressed risk appetite and poor UK data out of industrial and manufacturing production plus a wider trade defcit were far too much for the sterling, falling to lower ground, ahead of the speech by BoE Governor M.King due later on in the European evening.
At the moment, GBPUSD is down 0.12% at 1.6006 with the next support lying at 1.5987 (low Sep.11) ahead of 1.5960 (low Sep.10) then 1.5923 (low Sep.7) and 1.5905 (MA55d).
On the upside, a breakout of 1.6130 (MA10d) would open the door to 1.6142 (hourly high Oct.8) then 1.6163 (MA21d) and 1.6218 (high Oct.5).
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