Forex: GBP/USD dips to session lows
Forex pairs in this Article »
GBP/USD
FXstreet.com (Barcelona) - After climbing as high as 1.5980, the sterling has been grinding lower since then to the actual region of 1.5935/30, printing fresh session lows at the same time.
The cross has been pushed to higher ground by increasing risk appetite ignited early this morning after Chinese preliminary manufacturing PMI improved more than estimates.
In the opinion of analyst I.Spivak at DailyFX, "prices are bouncing from support marked by the intersection of a rising trend line set from the June 1 low and a falling channel established from late September (1.5863) after completing a bullish Piercing Line candlestick pattern".
At the moment, GBPUSD is losing 0.11% at 1.5935 with support levels lining up at 1.5828 (low Nov.15) and then 1.5826 (low Sep.5).
On the upside, a break above 1.6020 (high Nov.9) would bring 1.6043 (high Nov.7) and then 1.6061 (MA55d).
The cross has been pushed to higher ground by increasing risk appetite ignited early this morning after Chinese preliminary manufacturing PMI improved more than estimates.
In the opinion of analyst I.Spivak at DailyFX, "prices are bouncing from support marked by the intersection of a rising trend line set from the June 1 low and a falling channel established from late September (1.5863) after completing a bullish Piercing Line candlestick pattern".
At the moment, GBPUSD is losing 0.11% at 1.5935 with support levels lining up at 1.5828 (low Nov.15) and then 1.5826 (low Sep.5).
On the upside, a break above 1.6020 (high Nov.9) would bring 1.6043 (high Nov.7) and then 1.6061 (MA55d).
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