OctaFX | OctaFX Forex Broker
Open trading account

GBP/USD slipped to 1.6020 following euro

FXStreet (Moscow) - GBP/USD posted 1.6035 low in early Asian trades, and since that time kept moving higher reaching 1.6058 European high, before rebounding back to current 1.6025.

The pair reversed the move following the euro weakness triggered by disappointing French PMI data. However, the market may try to find new arguments in favor of further move higher. Scheduled for release today Retail Sales data out of the UK may help the investors to choose the direction. The report is scheduled to show slower consumption in September. However, as we remember, the labor market kept showing positive results recently, and it may have become a catalyst for rising retail demand. If so, the pair may go up with initial target at 1.6119 resistance.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6065, with support below at 1.5997, followed by 1.5943 and 1.5875 with resistance above at 1.6119, followed by 1.6187 and 1.6241. Hourly Moving Averages are mixed, with the 200SMA flat at 1.6056, and the daily 20EMA flat at 1.6133. Hourly RSI is bearish at 34.

EUR/USD severs short term uptrend - Commerzbank

Karen Jones, analyst at Commerzbank, believes that the EUR/USD corrective upward move has come to an end.
Read more Previous

UK September Retail Sales in focus - TD Securities

Prashant Newnaha, Asia-Pacific Macro Strategist at TD Securities sees a small increase in UK September Retail Sales.
Read more Next
Start livechat