Forex: GBP/USD drops below 1.6100

By FXstreet.com | October 26, 2012 AAA

FXstreet.com (Córdoba) - Following a short-lived spike to a daily high of 1.6140, GBPUSD came under pressure and erase gains as better-than-expected US GDP wasn't good enough to improve the negative sentiment that continues to weigh on risk assets.



GBPUSD has lost over 60 pips ever since peaking at the beginning of the NY session and recently printed a fresh low of 1.6079. At time of writing, GBPUSD is trading at the 1.6085 zone, still down 0.2% on the day.



The Cable had rallied on Thursday in the wake of strong UK GDP, but failed to hold at levels above 1.6140. As for technical levels, immediate supports are seen at 1.6065, 1.6020 and 1.6000, while resistances could be found at 1.6100, 1.6140 and 1.6180.



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