9 Oct 2013
GBP/USD extends decline as FOMC points QE tap this year
FXstreet.com (San Francisco) - The USD is trading higher across the market following the latest FOMC minutes release as the Fed says most official think the QE tapering could start as soon as the next two monetary meetings and halting all QE purchases by mid 2014.
As initial reaction, the GBP/USD dropped to fresh lows since September 18 at 1.5915. Currently the GBP/USD is trading at 1.5931, 0.95% 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.
GBP/USD technical levels
As for technical levels, immediate supports could now be found at 1.5915 (daily low) and 1.5900 (psychological level) ahead of 1.5885 (Sep 17 low/Sep 13 high). Meanwhile, resistances are seen at 1.6020 (Oct 8 low) and 1.6043 (20-day SMA).
As initial reaction, the GBP/USD dropped to fresh lows since September 18 at 1.5915. Currently the GBP/USD is trading at 1.5931, 0.95% 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.
GBP/USD technical levels
As for technical levels, immediate supports could now be found at 1.5915 (daily low) and 1.5900 (psychological level) ahead of 1.5885 (Sep 17 low/Sep 13 high). Meanwhile, resistances are seen at 1.6020 (Oct 8 low) and 1.6043 (20-day SMA).