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19 Sep 2013
GBP/USD consolidates below 1.6100
FXstreet.com (Edinburgh) - The bearish tone remains around the sterling on Thursday, with the GBP/USD attempting a consolidation pattern around 1.6065/60.
GBP/USD weaker after data
Market participants continue to digest the unexpected dovish tone from the FOMC gathering on Wednesday, while poor UK data from retail sales keep weighing on the pair, dragging it below the key support at 1.6100. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has seen a massive acceleration higher, which has taken out all short term resistances to leave the market now focussed on the 2009-2013 downtrend at 1.6333. Despite the directional move seen yesterday we continue to look for this to hold the topside”.
GBP/USD relevant levels
As of writing the pair is retreating 0.58% at 1.6051 with the next support at 1.6040 (high Jan.17) followed by 1.6008 (high Jan.18) and then 1.5893 (low Sep18). On the upside, a surpass of 1.6164 (high Sep.18) would aim for 1.6182 (high Jan.11) and finally 1.6255 (high Jan.3).
GBP/USD weaker after data
Market participants continue to digest the unexpected dovish tone from the FOMC gathering on Wednesday, while poor UK data from retail sales keep weighing on the pair, dragging it below the key support at 1.6100. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has seen a massive acceleration higher, which has taken out all short term resistances to leave the market now focussed on the 2009-2013 downtrend at 1.6333. Despite the directional move seen yesterday we continue to look for this to hold the topside”.
GBP/USD relevant levels
As of writing the pair is retreating 0.58% at 1.6051 with the next support at 1.6040 (high Jan.17) followed by 1.6008 (high Jan.18) and then 1.5893 (low Sep18). On the upside, a surpass of 1.6164 (high Sep.18) would aim for 1.6182 (high Jan.11) and finally 1.6255 (high Jan.3).