Forex: GBP/USD dips below 1.5800
Forex pairs in this Article »
GBP/USD
FXstreet.com (Barcelona) - The sterling has quickly left behind the key support at 1.5800, posting fresh lows in the proximities of 1.5760 as of writing, after the US labor market confirmed its recovery once more: Initial Jobless Claims fell to 330K in the week ended January 20, beating forecasts at 355K and below the previous 335K.
"GBPUSD has held in the low 1.5800 zone for the third day and looks set for a small corrective rebound& While it has so far held, it is viewed as overall exposed following the recent break below the 7-month uptrend and failure here will be regarded as key. Below 1.5800 targets the 2009-2013 support line at 1.5612", explains Karen Jones, Head of FICC Technical Analysis at Commerzbank.
At the moment, the pound is losing 0.43% at 1.5778 against the buck, with the next resistance levels lying at 1.5893 (high Jan.21) ahead of 1.5906 (MA200d) and finally 1.5948 (MA10d).
On the flip side, a breakdown of 1.5778 (low Aug.31) would lead to 1.5771 (low Aug.30).
"GBPUSD has held in the low 1.5800 zone for the third day and looks set for a small corrective rebound& While it has so far held, it is viewed as overall exposed following the recent break below the 7-month uptrend and failure here will be regarded as key. Below 1.5800 targets the 2009-2013 support line at 1.5612", explains Karen Jones, Head of FICC Technical Analysis at Commerzbank.
At the moment, the pound is losing 0.43% at 1.5778 against the buck, with the next resistance levels lying at 1.5893 (high Jan.21) ahead of 1.5906 (MA200d) and finally 1.5948 (MA10d).
On the flip side, a breakdown of 1.5778 (low Aug.31) would lead to 1.5771 (low Aug.30).
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