Forex: GBP/USD threatens 1.6000 support

FXstreet.com (Córdoba) - The US dollar trades firmer across the board, having touched a 1-week high versus the pound, ahead of the awaited US employment report.

GBPUSD has lost over 40 pips along the European session, weighed by weak UK industrial output data and the cautious mood with NFP in focus. The Cable bottomed out at 1.6006 in recent dealings and it is currently trading at the 1.6010 area, down 0.2% on the day.

According to the Kshitij Consultancy Services Team, a further dip to 1.5990-50 can well be seen. "Next support is seen near 1.5990 which can give some respite to the pair but the overall strength in Dollar is quite high and will be too much for Cable to tackle", they comment. "Now 1.6050-80 regions becomes a resistance region for any rise that may be seen. So the view becomes bearish for a fall towards 1.5990-50 in the near term".