19 Nov 2013
GBP/USD dips below 1.6100 after PBoC spike
FXstreet.com (Córdoba) - The GBP/USD saw a short-lived spike during the European session as the greenback was hit amid news the People's Bank of China will widen the CNY band.
The GBP/USD jumped to a high of 1.6127 but it lacked follow through as investors were still looking for more details of monetary reforms and quickly slid back below 1.6100. The GBP/USD fell to a fresh daily low of 1.6088 and it was last trading at the 1.6090 area, recording a 0.1% loss on the day.
GBP/USD levels to watch
As for technical levels, if GBP/USD breaks below 1.6088 (daily low), next supports could be found at 1.6070 (20-day SMA) and 1.6050 (50-day SMA). On the other hand, immediate resistances could be faced at 1.6127 (daily high), 1.6147 (Nov 18 high) and 1.6207 (Oct 28 high).
The GBP/USD jumped to a high of 1.6127 but it lacked follow through as investors were still looking for more details of monetary reforms and quickly slid back below 1.6100. The GBP/USD fell to a fresh daily low of 1.6088 and it was last trading at the 1.6090 area, recording a 0.1% loss on the day.
GBP/USD levels to watch
As for technical levels, if GBP/USD breaks below 1.6088 (daily low), next supports could be found at 1.6070 (20-day SMA) and 1.6050 (50-day SMA). On the other hand, immediate resistances could be faced at 1.6127 (daily high), 1.6147 (Nov 18 high) and 1.6207 (Oct 28 high).