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9 Oct 2013
GBP/USD falling to lows around 1.6040
FXstreet.com (Edinburgh) -The selling interest is now intensifying around the sterling, dragging the GBP/USD to print fresh session lows around 1.6040/35.
GBP/USD weaker ahead of data
The pair would be under pressure later as the Industrial/Manufacturing Production figures are due, followed by the Trade Balance results, the BoE Credit Conditions Survey and the GDP Estimate by NIESR. Despite today’s slew of data, market participant will closely follow tomorrow’s BoE MPC gathering, where the sterling could see further support if the central bank keeps the status quo unchanged, as widely expected. When comes to technical views, Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued “Our focus is the 1.5880 3 month uptrend. The market will need to close below here to confirm that it has topped short term and trigger losses to 1.5430, then 1.5104”.
GBP/USD levels to watch
As of writing the pair is losing 0.25% at 1.6043 with the next support at 1.6019 (low Oct.8) followed by 1.6015 (low Oct.7) and then 1.6006 (low Oct.4). On the flip side, a breakout of 1.6122 (MA10d) would open the door to 1.6124 (high Oct.8) and then 1.6179 (high Oct.4).
GBP/USD weaker ahead of data
The pair would be under pressure later as the Industrial/Manufacturing Production figures are due, followed by the Trade Balance results, the BoE Credit Conditions Survey and the GDP Estimate by NIESR. Despite today’s slew of data, market participant will closely follow tomorrow’s BoE MPC gathering, where the sterling could see further support if the central bank keeps the status quo unchanged, as widely expected. When comes to technical views, Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued “Our focus is the 1.5880 3 month uptrend. The market will need to close below here to confirm that it has topped short term and trigger losses to 1.5430, then 1.5104”.
GBP/USD levels to watch
As of writing the pair is losing 0.25% at 1.6043 with the next support at 1.6019 (low Oct.8) followed by 1.6015 (low Oct.7) and then 1.6006 (low Oct.4). On the flip side, a breakout of 1.6122 (MA10d) would open the door to 1.6124 (high Oct.8) and then 1.6179 (high Oct.4).