OctaFX | OctaFX Forex Broker
Open trading account

GBP/USD back from highs

FXStreet (Edinburgh) - The sterling is losing the grip at the moment, pushing GBP/USD back to the mid-1.6100s on Tuesday.

GBP/USD capped at 1.6180

After hitting multi-day peaks in the vicinity of 1.6180 during the European afternoon, spot is now losing momentum and re-testing the 1.6155/50 band. Despite the current knee-jerk, the pair remains well poised ahead of the FOMC statement due tomorrow, where the broad consensus expects the Fed to terminate QE3. Next of relevance in the UK economy, Consumer Credit, M4 Money Supply, Mortgage Approvals and public sector finance figures are due tomorrow.

GBP/USD levels to consider

As of writing the pair is up 0.21% at 1.6154 and a breakout of 1.6186 (high Oct.21) would target 1.6199 (50% of 1.6524-1.5873) and then 1.6226 (high Oct.9). On the downside, the immediate support lines up at 1.6083 (low Oct.27) ahead of 1.6063 (Tenkan Line) and then 1.6018 (low Oct.24).

EUR/USD steadies at 1-week highs

Following some choppy moves triggered by US data releases, EUR/USD steadied at 1-week highs above 1.2730 and entered a quieter phase as investors’ attention turns to the FOMC meeting tomorrow.
Read more Previous

Fundamentals remain key for Asian currencies - UBS

Asian currencies have remained fairly resilient despite the heightened volatility in financial markets, according to the UBS analyst team.
Read more Next
Start livechat