10 Oct 2013
GBP/USD remains in 3-week lows
FXstreet.com (Edinburgh) -The sterling is now attempting a bounce off intraday lows in the boundaries of 1.5910, lifting the GBP/USD to the current 1.5930/35 region.
GBP/USD lower ahead of BoE
The increased selling pressure around the pound has intensified yesterday after disappointing figures from the UK’s manufacturing and industrial sectors and a trade deficit higher than forecasted. That, plus the increasing USD strength plotted to bring the pair down from weekly tops near 1.6130 to today’s lows around 1.5915/10. The BoE monthly meeting is due later, although market consensus favours no change in the central bank’s monetary policy. “The pound’s rebound since August has lost upward momentum with further upside from current levels in the near-term likely to prove more difficult”, commented Lee Hardman, Currency Analyst at BTMU.
GBP/USD key levels
The pair is now losing 0.12% at 1.5932 and a breakdown of 1.5917 (low Oct.9) would expose 1.5903 (MA30d) and finally 1.5893 (low Sep.18). On the upside, the immediate hurdle aligns at 1.5968 (high Oct.9) followed by 1.6109 (MA10d) and then 1.6122 (high Oct.9).
GBP/USD lower ahead of BoE
The increased selling pressure around the pound has intensified yesterday after disappointing figures from the UK’s manufacturing and industrial sectors and a trade deficit higher than forecasted. That, plus the increasing USD strength plotted to bring the pair down from weekly tops near 1.6130 to today’s lows around 1.5915/10. The BoE monthly meeting is due later, although market consensus favours no change in the central bank’s monetary policy. “The pound’s rebound since August has lost upward momentum with further upside from current levels in the near-term likely to prove more difficult”, commented Lee Hardman, Currency Analyst at BTMU.
GBP/USD key levels
The pair is now losing 0.12% at 1.5932 and a breakdown of 1.5917 (low Oct.9) would expose 1.5903 (MA30d) and finally 1.5893 (low Sep.18). On the upside, the immediate hurdle aligns at 1.5968 (high Oct.9) followed by 1.6109 (MA10d) and then 1.6122 (high Oct.9).