OctaFX | OctaFX Forex Broker
Open trading account

GBP/USD falls toward 1.6300, still on track for weekly gains

FXStreet (Córdoba) - GBP/USD is trading lower on the day as Scotland vote to stay in UK gains quickly faded and put the pair back in its broader downward path.

The Scotland vote to stay in the UK dissipated uncertainty and revived expectations of a BoE rate hike early next year, supporting the pound. However, after hitting a 2-week high of 1.6523, the pair faced renewed selling interesting and reversed daily gains.

Having lost more than 200 pips from highs, GBP/USD is currently trading at 1.6320, 0.42% below its opening price but on track to close the week higher for second time in a row after bottoming out at 1.6051.

GBP/USD technical levels

In terms of technical levels, GBP/USD could find immediate supports at 1.6309 (Sept 19 low), 1.6300 (psychological level/100-hour SMA) and 1.6245 (Sept 18 low). On the other hand, next resistances are seen at 1.6382 (21-day SMA), 1.6465 (Sept 4 high) and 1.6525 (Sept 19 high).

GBP/USD drops by almost 200 pips from daily high of 1.6523 - FXStreet

FXStreet Chief Analyst Valeria Bednarik comments that GBP/USD dropped sharply today, retracing recent speculative gains.
Read more Previous

Fed's Fisher favors first rate hike in spring 2015

In an interview for Fox Business Dallas Fed president Richard Fisher said that the best timing for moving rates in his opinion would be spring next year and once the hikes start they should be carried out in a gradual manner, in quarter-point increments.
Read more Next
Start livechat