30 Oct 2013
GBP/USD resists bearish pressure; holds on to 1.6030
FXstreet.com (Chicago) - GBP/USD finds grounds after bearish channel extension holding on to the 1.6030 zone but remaining under high pressure.
Price action reveals a pair under high pressure after fall from the 1.6250 peaks last week. Ahead of the Fed’s interest rate decision and after the dollar was smashed by political crisis and debt default fears, the greenback seems to be coming back putting the pound’s supremacy within the past month under peril. Offered at 1.6038, the pair navigates between the supports aligned at 1.6018 (October 14th highs), 1.5951 (October 14th lows) followed by 1.5916 (October 15th lows) and the resistances set at 1.6085 (October 28th lows), 1.6125 (October 23rd lows) ahead of 1.6179 (October 21st highs).
Price action reveals a pair under high pressure after fall from the 1.6250 peaks last week. Ahead of the Fed’s interest rate decision and after the dollar was smashed by political crisis and debt default fears, the greenback seems to be coming back putting the pound’s supremacy within the past month under peril. Offered at 1.6038, the pair navigates between the supports aligned at 1.6018 (October 14th highs), 1.5951 (October 14th lows) followed by 1.5916 (October 15th lows) and the resistances set at 1.6085 (October 28th lows), 1.6125 (October 23rd lows) ahead of 1.6179 (October 21st highs).