14 Oct 2013
GBP/USD oscillates below 1.6000
FXstreet.com (Córdoba) - The GBP/USD recovery attempt stalled once again ahead of the 1.6000 psychological level as the pair extends its consolidation roughly between 1.5900-1.6000.
GBP/USD found resistance at the 1.5990 area, and slid toward 1.5950 before bouncing slightly. At the time of writing, the pair is trading at 1.5975 a few pips above its opening price. With no much data in the calendar and many markets closed on holidays, GBP/USD could lack momentum and remain rangebound throughout the day with focus still posed on US budget negociations.
GBP/USD technical outlook
"The outlook here remains negative below 1.6015 resistance area, for a break through 1.5912 low, en route to 1.5750 support zone", says Stoyan Mihaylov, analyst at DeltaStock.com. "Minor intraday support is projected at 1.5960".
GBP/USD found resistance at the 1.5990 area, and slid toward 1.5950 before bouncing slightly. At the time of writing, the pair is trading at 1.5975 a few pips above its opening price. With no much data in the calendar and many markets closed on holidays, GBP/USD could lack momentum and remain rangebound throughout the day with focus still posed on US budget negociations.
GBP/USD technical outlook
"The outlook here remains negative below 1.6015 resistance area, for a break through 1.5912 low, en route to 1.5750 support zone", says Stoyan Mihaylov, analyst at DeltaStock.com. "Minor intraday support is projected at 1.5960".