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GBP/USD retreats to 1.6080

FXStreet (Edinburgh) - The upside momentum in GBP/USD did not survive that long above the 1.6100 handle on Friday, now returning to the 1.6080 area amidst renewed buying pressure from the USD.

GBP/USD closing the week with gains

Despite the ongoing correction and lack of direction, spot is managing to close the week with gains for the second consecutive time, reverting the almost uninterrupted decline from multi-year tops near 1.7200 posted in July. While today’s price action is showing some indecision (‘doji’ candle so far), the upcoming Reuters/Michigan index in the US economy seems far away from being a market mover at this stage of the session, however it is worth checking its results in light of the recent disappointments in the world’s first economy.

GBP/USD important levels

The pair is now flat at 1.6085 and a surpass of 1.6126 (high Oct.13) would expose 1.6135 (high Oct.10) and then 1.6162 (Kijun Sen). On the downside, a breach of 1.5940 (low Oct.16) would open the door to 1.5875 (low oct.15) and finally 1.5854 (low Nov.12 2013).

USD/CHF with support at 0.9400

The Swiss franc is falling modestly against the US dollar on Friday, but still up for the week. USD/CHF is trading 130 pips below where it was a week ago.
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