14 Oct 2013
GBP/USD trading modestly higher on concerns over US politics
FXstreet.com (Barcelona) - The Dollar is under pressure Monday as global investors are expressing their concerns over the US debt ceiling debate. The downward DXY pressure is acting as a modest tailwind for the GBP/USD in early Monday trading.
GBP/USD traders to continue to focus on Washington
GBP/USD traders will continue to focus on the news flow out of Washington. There were unproductive discussions between politicians this weekend – which is why risk assets are declining and why the greenback is being shunned in favor of the Yen. That downward pressure is lifting the GBP/USD despite the complete lack of data points from either country (Britain and the US) on Monday.
Technical outlook for GBP/USD
Technicians say GBP/USD may have begun its next upside burst which could carry the cross up to around 1.6350. Near-term resistance comes in at Friday’s high of 1.6000 and the 10/8 high of 1.6123. Support remains down at 1.5908.
GBP/USD traders to continue to focus on Washington
GBP/USD traders will continue to focus on the news flow out of Washington. There were unproductive discussions between politicians this weekend – which is why risk assets are declining and why the greenback is being shunned in favor of the Yen. That downward pressure is lifting the GBP/USD despite the complete lack of data points from either country (Britain and the US) on Monday.
Technical outlook for GBP/USD
Technicians say GBP/USD may have begun its next upside burst which could carry the cross up to around 1.6350. Near-term resistance comes in at Friday’s high of 1.6000 and the 10/8 high of 1.6123. Support remains down at 1.5908.