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GBP/USD remains below 1.6230/40 area - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that GBP/USD climbed somewhat after recording a daily low of 1.616, following the disappointing UK September Manufacturing PMI numbers, but remains below the 1.6230/40 area.

Key quotes

"It will take a recovery above it to confirm further intraday gains. In the 1 hour chart, price stands above a flat 20 SMA while indicators aim higher in neutral territory, showing no actual strength."

"In the 4 hours chart 20 SMA heads lower around mentioned resistance area, also the 61.8% retracement of the latest bullish run, while indicators aim higher still below their midlines, supporting the shorter term view."

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