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GBP/USD bulls ducking for cover once again

FXStreet (Guatemala) - GBP/USD is trading at 1.6266, down -0.32% on the day, having posted a daily high at 1.6335 and low at 1.6259.

GBP/USD has taken a hit into lower levels that are becoming critical in the advent of the recent decline that had the bulls running for cover where lows at 1.6052 made us wonder if we were back towards 1.58/1.60 territory again. We are lower on a number of counts at the end of this week with essentially the greenback outperforming yet again, with indeed Yellen’s statements of late are being backed up. The US GDP was firstly revised up to 4.6% in the Q2 from previously reported of 4.2% but the final number was in line of expectations. That, however, was highest figure since Q4 2010 and the catalyst for a firmer greenback today. PCE was falling in line at 2.3% up on 1.4% previous and the, although missing expectations slightly, it rose to 84.6 in September up from 82.5 on the previous month. A solid ending to the week for a good performing US economy again.

GBP/USD note worthy levels

With spot trading at 1.6267, we can see next resistance ahead at 1.6275, 1.6282 (Daily Classic S1), 1.6290, 1.6309 (Hourly 20 EMA) and 1.6312 (Daily Classic PP). Support below can be found at 1.6259 (Daily Low), 1.6244 (Daily Classic S2), 1.6214 (Daily Classic S3), 1.6126 (Weekly Classic S1) and 1.6105.

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