9 Oct 2013
GBP/USD prints fresh 3-week lows
FXstreet.com (Córdoba) - The GBP/USD took another step lower and printed fresh lows at the beginning of the American session.
GBP/USD weighed by UK data
Dismal UK industrial and manufacturing production data along with a wider than expected trade deficit weighed on the pound, which broke through several support levels and scored a 3-week low of 1.5950 before finding some support. At time of writing, GBP/USD is trading at the 1.5960 area, recording a 0.7% loss on the day, with the greenback also underpinned by Yellen's nomination to head the Fed.
GBP/USD levels to watch
As for technical levels, a break of 1.5950 would pave the way towards 1.5900 and even 1.5885 (Sep 17 low/Sep 13 high). On the other side, resistances are now seen at 1.6020 (Oct 8 low) and 1.6043 (20-day SMA).
GBP/USD weighed by UK data
Dismal UK industrial and manufacturing production data along with a wider than expected trade deficit weighed on the pound, which broke through several support levels and scored a 3-week low of 1.5950 before finding some support. At time of writing, GBP/USD is trading at the 1.5960 area, recording a 0.7% loss on the day, with the greenback also underpinned by Yellen's nomination to head the Fed.
GBP/USD levels to watch
As for technical levels, a break of 1.5950 would pave the way towards 1.5900 and even 1.5885 (Sep 17 low/Sep 13 high). On the other side, resistances are now seen at 1.6020 (Oct 8 low) and 1.6043 (20-day SMA).