Flash: GBP/USD may continue to decay towards the 1.6000 floor – OCBC

FXstreet.com (Athens) – Emmanuel Ng of OCBC Bank suggests with UK data releases increasingly mixed of late, the pound remained largely a function of USD and EUR dynamics on Tuesday with GBP/USD perforating the 1.6050 support by day’s end while the above mentioned EUR comments from the ECB saw the EUR/GBP progressing higher for the seventh consecutive session.

Key Quotes

“In the near term, must be depend on the FOMC tonight and the GBP/USD may continue to decay towards the key psychological 1.6000 floor with the subsequent support expected only at 1.5940.”