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Forex pairs in this Article » GBP/USD (Barcelona) - The GBPUSD has lost its handle on the 1.6000 level, as it navigates its way through negative territory Friday morning during European trading, on the heels of economic data out of the United Kingdom. At the time of writing, the pair has reported a loss of -0.07% as the pound cedes yet more ground to the USD - this places the cross at the 1.5975/78 region.

"Hourly studies maintain neutral tone, while a more bearish outlook is seen on the 4h chart, as indicators are in the negative territory and falling below the 55-day EMA caps at 1.6020 for now." writes Slobodan Drvenica, an analyst at Windsor Brokers Ltd.

In the United Kingdom, Total Trade Balance has yielded a figure of £-2.699B in September, compared with £-4.309B previously. Goods Trade Balance (September) has reported a result £-8.368, against a consensus of £-8.900B. Finally, the Trade Balance; non-EU has come in at £-3.972B in September, relative to a consensus of £-4.900B.

According to Drvenica, a lift above the 1.6020/40 barriers/resistance is required to accelerate gains and eventually move the pair into positive territory. Otherwise, more risk would be seen towards the key supports at 1.5900 zone, below which will trigger stronger reversal open 1.5847 (200-day MA).
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