OctaFX | OctaFX Forex Broker
Open trading account

GBP/USD dived to 1.5960 area on USD strength

FXStreet (Moscow) - GBP/USD spent Asian trades trying to settle above 1.60, and it managed to post 1.6020 overnight; however, European opening slashed the gains, and sent the pair to current 1.5960.

The pair showed several attempts to break above 1.60, but the latest reports were not impressive enough to fuel the broad-based rally. Besides, the USD is gaining more popularity every coming day, and this was the key reasons of recent sell-off to 1.5960 area. However, it all may change soon. Service sector plays a big role in the British economy, and the rise of the released today Service PMI may help the pound to recover part of the losses with initial target at 1.6023 resistance.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.5994, with support below at 1.5970, followed by 1.5941 and 1.5917 with resistance above at 1.6023, followed by 1.6047 and 1.6076. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.6044, and the daily 20EMA bearish at 1.6071. Hourly RSI is bearish at 48.

South Africa Purchasing Manager Index up to 52.7 in October from previous 52.6

Read more Previous

Copper falls on weak growth prospects

Copper declined yesterday by the most in three weeks after the European Commission cut its growth and inflation forecasts for the Eurozone, weakening the demand side pressures of the base metals.
Read more Next
Start livechat