30 Oct 2013
GBP/USD flat ahead of FOMC
FXstreet.com (Edinburgh) -The sterling is following its peers on Wednesday, with the GBP/USD extending the consolidative pattern around yesterday’s close ahead of the key US docket.
GBP/USD supported by 1.6000
The pair’s current correction lower from levels beyond 1.6200 seems to have found decent support around the psychological threshold at 1.6000, at least until de FOMC gathering due later. Despite consensus is not expecting major announcements, the meeting per se would surely bring in some fireworks so the pair could break the consolidative pattern either way. “Rallies are expected to find the 1.6259 early October high and the 1.6302/69 2012 highs and 2009-13 resistance line tough overhead resistance… Failure at the uptrend will trigger losses to the recent low and initial Fibo support at 1.5896/1.5915”, argued Karen Jones, Head of FICC Technical Analysis at Commerzbank.
GBP/USD relevant levels
The pair is now losing 0.03% at 1.6041 with the next support at 1.6013 (MA55d) followed by the psychological level at 1.6000 and finally 1.5894 (low Oct.16). On the upside, the initial barrier lies at 1.6207 (high Oct.28) followed by 1.6248 (high Oct.25) and then 1.6258 (high Oct.23).
GBP/USD supported by 1.6000
The pair’s current correction lower from levels beyond 1.6200 seems to have found decent support around the psychological threshold at 1.6000, at least until de FOMC gathering due later. Despite consensus is not expecting major announcements, the meeting per se would surely bring in some fireworks so the pair could break the consolidative pattern either way. “Rallies are expected to find the 1.6259 early October high and the 1.6302/69 2012 highs and 2009-13 resistance line tough overhead resistance… Failure at the uptrend will trigger losses to the recent low and initial Fibo support at 1.5896/1.5915”, argued Karen Jones, Head of FICC Technical Analysis at Commerzbank.
GBP/USD relevant levels
The pair is now losing 0.03% at 1.6041 with the next support at 1.6013 (MA55d) followed by the psychological level at 1.6000 and finally 1.5894 (low Oct.16). On the upside, the initial barrier lies at 1.6207 (high Oct.28) followed by 1.6248 (high Oct.25) and then 1.6258 (high Oct.23).