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GBP/USD back and forth around 1.6000

FXStreet (Edinburgh) - After bottoming out in the mid-1.5900s in early trade, GBP/USD is now attempting to convincingly break above the 1.6000 handle.

GBP/USD points to 1.6050

Spot is trading almost flat on the day, although the lack of clear direction from the greenback and sensible data releases in the US economy today may help it to challenge yesterday’s tops in the mid-1.60s. “Our preference would be to continue to fade upticks in the pair given also the recent reassessment of BOE prospects. As such, expect a top heavy tone to prevail within a 1.5900-1.6100 range”, observed Emmanuel Ng, FX Strategist at OCBC Bank.

GBP/USD levels to watch

The pair is now retreating 0.14% at 1.5995 with the immediate support at 1.5875 (low Oct.15) ahead of 1.5854 (low Nov.12 2013) and then 1.5776 (low Sep.12 2013). On the flip side, a break above 1.6049 (10-d MA) would open the door to 1.6070 (high Oct.15) and finally 1.6095 (high Oct.14).

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