OctaFX | OctaFX Forex Broker
Open trading account

GBP/USD below 1.6000, much to bears' delight

FXStreet (Moscow) - GBP/USD is sitting at 1.5974 after having touched the current intraday low at 1.5961; the pair is trading with more than 30 pips loss on the day

The pair lost any hope to break above 1.62, as the recent FOMC meeting showed quite optimistic economic outlook of the Fed members. Empty British economic calendar only hardens the case for the pound recovery. For now, only a series of stronger than expected UK reports coupled with aggressive comments from the BOE members may trigger any demand on the pound again. From the technical point of view bespoke support comes at 1.5950 and at 1.5900 with strong demand on approach. The resistance is seen at 1.6000

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6059, with support below at 1.5956, followed by 1.5899 and 1.5796 with resistance above at 1.6116, followed by 1.6219 and 1.6276. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.6094, and the daily 20EMA flat at 1.6110. Hourly RSI is bearish at 27.

US Q3 GDP and PCE numbers in focus today - Danske

Allan von Mehren, Chief Analyst at Danske suggests that US GDP growth slowed down slightly in Q3.
Read more Previous

Slight downside risks to German HICP - TD Securities

Prashant Newnaha, Asia-Pacific Macro Strategist at TD Securities expects the German HICP numbers, due out later today, to remain unchanged in October.
Read more Next
Start livechat