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Forex pairs in this Article » GBP/USD (London) - GBP/USD has had a bounce from 1.5860/90 support and is up 0.41% at 1.6041.

GBP/USD would be looking for a close above 1.5980 for a broader move in the 1.6050/75 area while on the data, services PMI were in line with consensus. The NIESR report suggests the BOE may not wait for 7% unemployment before hiking and this too has had some impact. ISM Non-Manufacturing PMI (Oct) are coming up from the US a little later on while the market anticipates BoE Thursday and NFP’s at the end of the week. Key supports remain in the September break up points, 1.5935 1.5894 and 1.5844.

GBP/USD Levels

The 20 DMA is 1.6064, the 50 DMA is 1.5948 and the 200 DM is 1.5487. RSI (14) reads 77.46. Supports are ascending from 1.5829, 1.5844, 1.5869, 1.5894, 1.5935, 1.5977, 1.5999 and 1.6015. Spot is currently 1.6041 and resistances are 1.6046 and 1.6079.
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