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GBP/USD wavers below 1.6100

FXStreet (Córdoba) - GBP/USD wavers just below the 1.6100 level, following several failed attempts to consolidate above the psychological mark over the last sessions.

GBP/USD entered a quieter phase Tuesday and continues to trade in a narrow range as investors attention turns to the FOMC latest policy meeting minutes due 18:00 GMT, and the Bank of England decision Thursday. From the data front, house prices in the UK continued to rise in September but at a slower pace, according to a Halifax survey.

GBP/USD dipped to a daily low of 1.6040 but managed to recover ground and trim losses to currently trade at the 1.6080 zone, still down 0.09% on the day.

GBP/USD technical perspective

According to Valeria Bednarik, chief analyst at FXStreet, the technical picture favors the upside. “Some steady gains above 1.6100 figure, should see the pair extending its advance up to the 38.2% retracement of the post Scottish referendum decline at 1.6170, where the same chart presents several intraday highs and lows. An advance beyond the level should anticipate a continued advance, eyeing in the short term 1.6220 price zone”, said the analyst.

“To the downside, strong downward acceleration through 1.6030 may see the pair falling sub 1.60, yet unless the level holds, the downside will remain limited”.

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