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GBP/USD muted post-data

FXStreet (Edinburgh) - The sterling kept the composure after the UK releases on Monday, with GBP/USD hovering over 1.6240 so far.

GBP/USD indifferent near 1.6240

The pair is extending the overnight consolidation pattern, almost ignoring today’s UK data releases amidst the ongoing USD rally. Spot keeps the narrow range after Consumer Credit in the British economy came in at £0.898 billion during August, surpassing estimates albeit lower than July’s £1.108 billion; further data showed Mortgage Approvals decreasing to 64.212K and Net Lending to Individuals down to £3.2 bilion from £3.4 billion. “Sterling had been bid up on anticipation that Scotland would reject independence, and has still not recovered from the profit-taking, and technical reversal, on the fact. The technical tone remains weak. For the second consecutive week, sterling finished on its lows. We suspect the $1.6235 area does not offer strong support, and a break suggests a move to $1.6160 area, but a retest on the previous low near $1.6050 seems likely”, commented the research team at BBh.

GBP/USD levels to consider

The pair is now losing 0.08% at 1.6233 with the next support at 1.6210 (low Sep.29) ahead of 1.6162 (low Sep.16) and then 1.6052 (low Sep.10). On the upside, a breakout of 1.6300 (psychological level) would open the door to 1.6311 (21-d MA) and finally 1.6333 (high Sep.26).

SEB: EUR/USD failed to take out 1.2765 - eFXnews

The eFXnews team remark that the SEB comments on EUR/USD's failed upside correction attempt, as selling started before reaching the buy signal level of 1.2765.
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