28 Oct 2014
GBP/USD back from highs
FXStreet (Edinburgh) - The sterling is losing the grip at the moment, pushing GBP/USD back to the mid-1.6100s on Tuesday.
GBP/USD capped at 1.6180
After hitting multi-day peaks in the vicinity of 1.6180 during the European afternoon, spot is now losing momentum and re-testing the 1.6155/50 band. Despite the current knee-jerk, the pair remains well poised ahead of the FOMC statement due tomorrow, where the broad consensus expects the Fed to terminate QE3. Next of relevance in the UK economy, Consumer Credit, M4 Money Supply, Mortgage Approvals and public sector finance figures are due tomorrow.
GBP/USD levels to consider
As of writing the pair is up 0.21% at 1.6154 and a breakout of 1.6186 (high Oct.21) would target 1.6199 (50% of 1.6524-1.5873) and then 1.6226 (high Oct.9). On the downside, the immediate support lines up at 1.6083 (low Oct.27) ahead of 1.6063 (Tenkan Line) and then 1.6018 (low Oct.24).
GBP/USD capped at 1.6180
After hitting multi-day peaks in the vicinity of 1.6180 during the European afternoon, spot is now losing momentum and re-testing the 1.6155/50 band. Despite the current knee-jerk, the pair remains well poised ahead of the FOMC statement due tomorrow, where the broad consensus expects the Fed to terminate QE3. Next of relevance in the UK economy, Consumer Credit, M4 Money Supply, Mortgage Approvals and public sector finance figures are due tomorrow.
GBP/USD levels to consider
As of writing the pair is up 0.21% at 1.6154 and a breakout of 1.6186 (high Oct.21) would target 1.6199 (50% of 1.6524-1.5873) and then 1.6226 (high Oct.9). On the downside, the immediate support lines up at 1.6083 (low Oct.27) ahead of 1.6063 (Tenkan Line) and then 1.6018 (low Oct.24).