24 Sep 2013
GBP/USD breaks down the 1.5970 and tests 1.5950
FXstreet.com (San Francisco) - The Sterling is trading under pressure against the US Dollar as a new wave of risk aversion is taking the market. Early in the day, the Cable fell apart after discouraging UK data released fell short of market expectations.
The GBP/USD is extending decline from 1.6035 and after a brief period of consolidation around 1.5980, the pair has broken down intra-day lows to price at 1.5950, lowest since September 18. Overall the Pound lost 85 pips against the US Dollar.
GBP/USD bias
Currently, the GBP/USD is trading at 1.5960, 0.50% negative on the day. The short term perspective remains slightly bearish according to the FXstreet.com trend index in the 1-hour chart. Indicators such as MACD, CCI and Momentum are pointing to the south while the Stochastic is bullish.
The 1.5960 area is key support for the GBP/USD below this price, the cable would face another levels at 1.5915 and 1.5890. On the upside, 1.6000, 1.6070 and 1.6150 are resistances.
The GBP/USD is extending decline from 1.6035 and after a brief period of consolidation around 1.5980, the pair has broken down intra-day lows to price at 1.5950, lowest since September 18. Overall the Pound lost 85 pips against the US Dollar.
GBP/USD bias
Currently, the GBP/USD is trading at 1.5960, 0.50% negative on the day. The short term perspective remains slightly bearish according to the FXstreet.com trend index in the 1-hour chart. Indicators such as MACD, CCI and Momentum are pointing to the south while the Stochastic is bullish.
The 1.5960 area is key support for the GBP/USD below this price, the cable would face another levels at 1.5915 and 1.5890. On the upside, 1.6000, 1.6070 and 1.6150 are resistances.