OctaFX | OctaFX Forex Broker
Open trading account
Back

GBP/USD lost 1.60 fortress, and cannot come back

FXStreet (Moscow) - GBP/USD opened the day at 1.5970, and slowly drifted higher, reaching current 1.5992.

The pair was unable to defend its positions above 1.60 even on the back of better-than-expected UK Manufacturing PMI report released yesterday. The market still prices-in stronger economic outlook of the USA in comparison with the British economy, and if scheduled for the week reports support this thesis, the pair may show another attempt to break below 1.59, and target October lows. The immediate support may be located around 1.5925.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.5975, with support below at 1.5925, followed by 1.5876 and 1.5826 with resistance above at 1.6024, followed by 1.6074 and 1.6123. Hourly Moving Averages are mixed, with the 200SMA at 1.6049, and the daily 20EMA bearish at 1.6079. Hourly RSI is bullish at 60.

Gold remains steady

Gold is trading steady ahead of the European session as bargain hunting at lower levels is seen supporting the prices, although a strong US Dollar continues to weigh.
Read more Previous

WTI crude falls to June 2012 lows

Crude Oil in the US is trading near a level last seen in June 2012 after Saudi Arabia cut its oil price to the US, triggering a fresh sell-off in the crude prices.
Read more Next
Start livechat