8 Nov 2013
GBP/USD testing lows around 1.6080
FXstreet.com (Edinburgh) -The sterling is now deflating from session tops beyond 1.6100 the figure on Friday, taking the GBP/USD to challenge intraday lows below 1.6080.
GBP/USD eyes on trade data, NFP
The pair continues to recover from last week’s deep pullback that saw the pound dropping to the vicinity of the 1.5900 handle. Auspicious economic results this week plus a repetitive stance from the BoE boosted the pair back to area near 1.6100. Ahead in the day, UK trade balance figures are due, with consensus expecting the trade deficit to have narrowed to £9.2 billion in September. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “We would ideally like to see the market sub 1.60 for attention to revert to the 1.5895 support. We regard the pattern as a potential double top and a close below 1.5895 will complete the pattern to offer a minimum downside measurement to 1.5535”.
GBP/USD important levels
The pair is now up 0.06% at 1.6087 with the next resistance at 1.6118 (high Nov.6) followed by 1.6122 (61.8% 1.6258-1.5904) and then 1.6143 (high Oct.29). On the downside, a break below 1.6010 (low Nov.7) would target 1.5949 (low Nov.5) and finally 1.5904 (low Nov.4).
GBP/USD eyes on trade data, NFP
The pair continues to recover from last week’s deep pullback that saw the pound dropping to the vicinity of the 1.5900 handle. Auspicious economic results this week plus a repetitive stance from the BoE boosted the pair back to area near 1.6100. Ahead in the day, UK trade balance figures are due, with consensus expecting the trade deficit to have narrowed to £9.2 billion in September. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “We would ideally like to see the market sub 1.60 for attention to revert to the 1.5895 support. We regard the pattern as a potential double top and a close below 1.5895 will complete the pattern to offer a minimum downside measurement to 1.5535”.
GBP/USD important levels
The pair is now up 0.06% at 1.6087 with the next resistance at 1.6118 (high Nov.6) followed by 1.6122 (61.8% 1.6258-1.5904) and then 1.6143 (high Oct.29). On the downside, a break below 1.6010 (low Nov.7) would target 1.5949 (low Nov.5) and finally 1.5904 (low Nov.4).