3 Oct 2013
GBP/USD spiked 1.6230 on PMI
FXstreet.com (Edinburgh) -The sterling is picking up pace again after the Services PMI in the British economy exceeded estimates in September, lifting the GBP/USD back to the 1.6215/20 region.
GBP/USD remains buoyant
The pair is now recovering the 1.6200 handle on Thursday, after the more relevant Services PMI in the UK economy surpassed expectations at 60.3 vs. 60.0, although the print came in lower than August’s 60.5. No further data are expected for the GBP ahead in the day, with traders shifting their attention to the US docket. According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the recent peak “has yet to be confirmed by the daily RSI and the market appears to be losing momentum ahead of the 2009-2013 downtrend at 1.6327, where we would look for signs of failure”.
GBP/USD levels to watch
As of writing the pair is losing 0.01% at 1.6222 with the immediate support at 1.6203 (MA21h) followed by 1.6162 (low Oct.2) and then 1.6100 (low Sep.30). On the upside, a breakout of 1.6252 (high Oct.2) would target 1.6260 (high Oct.1) and finally 1.6300 (psychological level).
GBP/USD remains buoyant
The pair is now recovering the 1.6200 handle on Thursday, after the more relevant Services PMI in the UK economy surpassed expectations at 60.3 vs. 60.0, although the print came in lower than August’s 60.5. No further data are expected for the GBP ahead in the day, with traders shifting their attention to the US docket. According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the recent peak “has yet to be confirmed by the daily RSI and the market appears to be losing momentum ahead of the 2009-2013 downtrend at 1.6327, where we would look for signs of failure”.
GBP/USD levels to watch
As of writing the pair is losing 0.01% at 1.6222 with the immediate support at 1.6203 (MA21h) followed by 1.6162 (low Oct.2) and then 1.6100 (low Sep.30). On the upside, a breakout of 1.6252 (high Oct.2) would target 1.6260 (high Oct.1) and finally 1.6300 (psychological level).