9 Oct 2013
GBP/USD breached 1.6000 on poor data
FXstreet.com (Edinburgh) -The selling interest around the sterling is now gathering pace, dragging the GBP/USD to sub-1.6000 levels after lacklustre UK data during August.
GBP/USD accelerates the downside
The industrial and manufacturing production disappointed investors, contracting at an annual pace of 1.5% and 0.2%, respectively. The trade deficit also missed the median, shrinking to £9.625 billion vs. £9.0 billion expected, albeit lower than July’s £9.941 billion. The pair dropped to a 2-week trough below 1.5980, quickly leaving behind the psychological support at 1.6000 the figure.
GBP/USD levels to watch
As of writing the pair is losing 0.64% at 1.5980 with the immediate support at 1.5954 (low Sep.24) followed by 1.5017 (Fibo retracement). On the upside, the initial hurdle aligns at 1.6122 (MA10d) would open the door to 1.6124 (high Oct.8) and then 1.6179 (high Oct.4).
GBP/USD accelerates the downside
The industrial and manufacturing production disappointed investors, contracting at an annual pace of 1.5% and 0.2%, respectively. The trade deficit also missed the median, shrinking to £9.625 billion vs. £9.0 billion expected, albeit lower than July’s £9.941 billion. The pair dropped to a 2-week trough below 1.5980, quickly leaving behind the psychological support at 1.6000 the figure.
GBP/USD levels to watch
As of writing the pair is losing 0.64% at 1.5980 with the immediate support at 1.5954 (low Sep.24) followed by 1.5017 (Fibo retracement). On the upside, the initial hurdle aligns at 1.6122 (MA10d) would open the door to 1.6124 (high Oct.8) and then 1.6179 (high Oct.4).