Forex: GBP/USD tickles 1.5900 on Friday's US session

FXstreet.com (Barcelona) - The GBPUSD kept falling across the board on Friday after testing the 1.6000 psychological first and even printing a high at 1.6020. The British Pound is badly hurt despite the narrowing trade deficits in the UK and BoE's announcement of no further QE in November, against some analysts' expectations (25% reportedly).

The UK total trade deficit narrowed from £-4.309B to £-2.699B in September, with Goods trade deficit improving more than expected from £-9.984B to £-8.368B, and the non-EU data better than expected from £-5.004B to £-3.972B.

The US Reuters/Michigan consumer sentiment that is now expected to rise from 82.6 to 84.9 in November, beating the consensus estimate of an improvement to 83.0. It's the highest reading since July 2007.

"Yesterday's low at 1.5929 initiated a rebound to 1.6021, but there is no impulsive structure on the chart, so I consider it to be a corrective one, preceding another slide for a tight test of 1.5910 support area", wrote Deltastock.com analyst Stoyan Mihaylov. As of writing, the pair has already passed through 1.5910 and touched a low at 1.5903 on its attempt to reach the 1.5900 psychological level.