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GBP/USD clings to 1.6000

FXStreet (Córdoba) - GBP/USD found support after hitting a daily low at the 1.5940 zone and is back trading nearly flat around 1.6000.

GBP/USD has been unable to move too far away from the 1.6000 level, having spent the last sessions hovering around the psychological level unable to set a clear short-term direction.

The latest string of positive US data had virtually no impact on the pair. While initial jobless claims fell to 264K last week, industrial production rose 1.0% in September.

GBP/USD technical outlook


Valeria Bednarik, chief analyst at FXStreet notes GBP/USD presents a mild positive tone in the short-term charts. “A daily descendant trend line coming from 1.6523 stands today at 1.6115 and it will take a steady advance above it to confirm an interim bottom in the pair”.

Bednarik locates immediate support levels at 1.5950, 1.5890 and 1.5850, while she sees resistances at 1.6020, 1.6060 and 1.6110.

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