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20 Sep 2013
GBP/USD pierced 1.6000
FXstreet.com (Edinburgh) -The selling pressure is now picking up pace around the sterling, dragging the GBP/USD to briefly test 2-day lows in the area of 1.5985/80 on Friday.
GBP/USD trimming recent gains
The pair is now following the rest of the risk-related assets on their way south, as the greenback continues to recover ground lost on the mega-dovish FOMC. After hitting multi-month highs near 1.6200 the figure, the pound started a correction lower of almost 2 big figures amidst rising risk aversion and market participants cashing up recent gains. According to Gareth Berry and Geoffrey Yu, strategists at UBS, “Resistance is at 1.6179, a break above which would open the way to 1.6381. Any downside will be correction, with support at 1.5883”.
GBP/USD relevant levels
At the moment the pair is down 0.12% at 1.6012 and a violation of 1.5893 (low Sep.18) would expose 1.5886 (low Sep.17) and then 1.5869 (low Sep.16). On the upside, the first resistance aligns at 1.6145 (high Sep.19) ahead of 1.6164 (high Sep.18) and then 1.6182 (high Jan.11).
GBP/USD trimming recent gains
The pair is now following the rest of the risk-related assets on their way south, as the greenback continues to recover ground lost on the mega-dovish FOMC. After hitting multi-month highs near 1.6200 the figure, the pound started a correction lower of almost 2 big figures amidst rising risk aversion and market participants cashing up recent gains. According to Gareth Berry and Geoffrey Yu, strategists at UBS, “Resistance is at 1.6179, a break above which would open the way to 1.6381. Any downside will be correction, with support at 1.5883”.
GBP/USD relevant levels
At the moment the pair is down 0.12% at 1.6012 and a violation of 1.5893 (low Sep.18) would expose 1.5886 (low Sep.17) and then 1.5869 (low Sep.16). On the upside, the first resistance aligns at 1.6145 (high Sep.19) ahead of 1.6164 (high Sep.18) and then 1.6182 (high Jan.11).