26 Sep 2013
GBP/USD contained by 10-day SMA
FXstreet.com (Córdoba) - The GBP/USD found support at the 1.6000 level and managed to trim a slight part of its daily losses during the American afternoon.
The Cable came under pressure on Thursday following a downward revision to the UK Q2 GDP, and fell from a high of 1.6096 all the way back to the 1.6000 mark before the 10-day SMA contained the downside once again. At time of writing, GBP/USD is trading at the 1.6020 zone, recording a 0.4% loss on the day.
GBP/USD technical levels
As for technical levels, if GBP/USD breaks decisively below 1.6000 it could extend losses toward 1.5950 (Sep 24 low) en route to 1.5885 (Sep 17 low). On the other hand, resistances are now seen at 1.6096 (daily high) and the 1.6150/60 area (Sep 19 & 18 highs).
The Cable came under pressure on Thursday following a downward revision to the UK Q2 GDP, and fell from a high of 1.6096 all the way back to the 1.6000 mark before the 10-day SMA contained the downside once again. At time of writing, GBP/USD is trading at the 1.6020 zone, recording a 0.4% loss on the day.
GBP/USD technical levels
As for technical levels, if GBP/USD breaks decisively below 1.6000 it could extend losses toward 1.5950 (Sep 24 low) en route to 1.5885 (Sep 17 low). On the other hand, resistances are now seen at 1.6096 (daily high) and the 1.6150/60 area (Sep 19 & 18 highs).