OctaFX | OctaFX Forex Broker
Open trading account

GBP/USD climbs to 1.6050

FXStreet (Córdoba) - Cable is rising for the second day in a row against the US dollar, recovering after falling to a 11-month low at 1.5872 yesterday. As stocks moved off session lows in Europe and in Wall Street, GBP/USD broke above 1.6030 and climbed to 1.6050, hitting a fresh daily high.

Afterwards the pair pulled back and it was trading at 1.6015, slightly above the price it closed yesterday but still holding a bullish tone in the short term.

GBP/USD facing resistance

To the upside, the pair has important resistance around 1.6050. The zone around 1.6050/60 was support last week and yesterday capped the upside. Also at 1.6050 strands a short term downside trendline.

If the pair manages to break above 1.6060 it could trigger some stops and accelerated. To the downside, immediate support might lie at 1.5990 and below here at 1.5940 (daily low).

Stock markets recover on Bullard’s comments

The stock markets in the US have posted a strong recovery after being down by more than 1%. Consequently, the major European equity indices have recovered from heavy losses to trade flat.
Read more Previous

EUR/USD recovers further from lows

EUR/USD retraced most of yesterday’s rally during the European session weighed by the slump in stocks against a risk averse environment. However, the pullback was contained a few pips above the 1.2700 mark, allowing the pair to recover ground moving in tandem with equities.
Read more Next
Start livechat