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GBP/USD dips back below 1.6200

FXStreet (Córdoba) - GBP/USD dipped back below the 1.6200 level at the beginning of the American session coincidently with a greenback comeback across the board. US dollar is recovering some ground after the selloff seen on the back of more dovish than expected FOMC minutes.

GBP/USD pulled back after hitting a 1-week high of 1.6225 with the Bank of England decision to remain on hold having virtually no impact on the pair. At time of writing, Cable is trading at 1.6175, still a few pips above its opening price.

On the data front, US initial jobless claims unexpectedly dropped to 287K last week from an upwardly revised reading of 288K and versus 294K of consensus, giving some support to the greenback.

GBP/USD technical outlook

“The reliable support at 1.6030 initiated a renewal of the uptrend and current bias remains positive, for a continuation of the rise towards 1.6280 major resistance”, said Stoyan Mihaylov, analyst at Deltastock. “Initial intraday support lies at 1.6120 and crucial on the downside is 1.6030 low”.

US: Initial Jobless Claims fell to 287K last week

The number of people filing first-time claims for state unemployment insurance in the US decreased to 287K in the week ending October 3, following 288K registered the previous week. The result is lower than the market consensus of a rise 294K.
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