23 Oct 2013
GBP/USD trims intraday losses
FXstreet.com (Córdoba) - After a strong sell-off that sent GBP/USD to a low of 1.6119, roughly the same level where it bottomed yesterday, the pair found support and staged a mild comeback during the American session.
The Cable failed to break above the 1.6260 area, where the pair set a 10-month peak early October, which combined with the risk-off sentiment put the pair under pressure during the European session. The GBP/USD has steadied in a fairly slim range over the last hours and it was last at 1.6175, still 0.3% below its opening price.
GBP/USD technical levels
In terms of technical levels, on the downside supports are seen at 1.6119/15 (Oct 22 & 23 lows) and 1.6090 (20-day SMA). On the upside, resistances could be found at 1.6190 (20-hour SMA) and 1.6255 (daily high).
The Cable failed to break above the 1.6260 area, where the pair set a 10-month peak early October, which combined with the risk-off sentiment put the pair under pressure during the European session. The GBP/USD has steadied in a fairly slim range over the last hours and it was last at 1.6175, still 0.3% below its opening price.
GBP/USD technical levels
In terms of technical levels, on the downside supports are seen at 1.6119/15 (Oct 22 & 23 lows) and 1.6090 (20-day SMA). On the upside, resistances could be found at 1.6190 (20-hour SMA) and 1.6255 (daily high).