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GBP/USD drops below 1.6100

FXStreet (Edinburgh) - The sterling is now following the rest of the riskier assets, pushing GBP/USD back below the 1.6100 key support.

GBP/USD weaker on risk aversion

A bout of buying interest around the greenback is now dragging spot back below the 1.6100 handle, following the weaker tone from the risk associated space. Absent data releases in the UK economy, the pair’s price action will depend on the events across the pond, where Durable Goods Orders and Consumer Confidence will be in the limelight. “Immediate resistance is offered by the downtrend at 1.6153 today and the 23.6% retracement at 1.6184. While capped here, a negative bias remains and only above here does this base become viable”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.

GBP/USD levels to consider

As of writing the pair is losing 0.13% at 1.6096 with the immediate support at 1.6088 (10-d MA) ahead of 1.6083 (low Oct.27) and then 1.6018 (low Oct.24). On the flip side, a breakout of 1.6147 (high Oct.27) would open the door to 1.6159 (30-d MA) and finally 1.6186 (high Oct.21).

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