Forex: GBP/USD extends daily decline
Forex pairs in this Article »
GBP/USD
FXstreet.com (Barcelona) - Having climbed to post a morning high at 1.6075, GBPUSD has declined ahead of the US open to post a low at 1.5995.
A European session characterised by soft economic data from the UK and the Eurozone alongside mixed to bearish technicals has seen spot steadily slide. With the BoE and ECB meetings tomorrow, soft data confirming a Eurozone recession has added an element of apprehension to expectations. Spot looks like it is pushing to consolidate its move below key psychological level 1.6000 and if successful, the next level of support can be found at 1.5969, where Classic S1 sits. Stoyan Mihaylov of DeltaStock.com writes, "The intraday resistance at 1.6080 caps the upside and I expect a slide towards 1.5970 before reversal for a test of 1.6205 area."
A European session characterised by soft economic data from the UK and the Eurozone alongside mixed to bearish technicals has seen spot steadily slide. With the BoE and ECB meetings tomorrow, soft data confirming a Eurozone recession has added an element of apprehension to expectations. Spot looks like it is pushing to consolidate its move below key psychological level 1.6000 and if successful, the next level of support can be found at 1.5969, where Classic S1 sits. Stoyan Mihaylov of DeltaStock.com writes, "The intraday resistance at 1.6080 caps the upside and I expect a slide towards 1.5970 before reversal for a test of 1.6205 area."
Free Annual Reports
