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GBP/USD extends below 1.6000

FXStreet (Edinburgh) - The sterling is posting marginal losses on Monday, taking GBP/USD back below the 1.6000 psychological mark.

GBP/USD focus on BoE

Spot is following the rest of the risk associated assets at the beginning of the week, all amidst a continuation of the USD rally, intensified after the FOMC meeting last week. Despite an auspicious reading from today’s manufacturing PMI in the UK economy, the pair remained unable to decouple from the riskier assets’ universe, failing at the same time to break above the 1.6000 limestone on a sustained basis. Ahead in the week, the more relevant Services PMI on Wednesday and the BoE MPC meeting on Thursday will be in the spotlight, although their effects could well remain eclipsed by the broader (and unabated?) USD upside.

GBP/USD key levels

The pair is now losing 0.10% at 1.5979 and a break below 1.5928 (low Nov.3) would target 1.5875 (2014 low Oct.15) en route to 1.5854 (low Nov.12 2013). On the flip side, the initial hurdle remains at 1.6027 (high Nov.3) ahead of 1.6038 (high Oct.30) and then 1.6066 (21-d MA).

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