30 Oct 2013
GBP/USD recovers ground
FXstreet.com (Córdoba) - The GBP/USD has managed to cut some of yesterday's losses during the European session as investors gear up for the Fed policy announcement.
GBP/USD trims losses with US data on focus
The Cable fell to a fresh 2-week low at 1.6022 late NY session but found support and following a consolidation phase it finally picked up momentum to advance. At time of writing, GBP/USD is trading at the 1.6065 zone, 0.1% above its opening price, having hit a high of 1.6070. Investors will now be watching next batch of US data including the ADP employment report, the CPI and of course the FOMC statement. However, Fed's taper prospects are nearly inexistent and many analysts argue the delayed tapering has been already priced-in.
GBP/USD technical levels
On the upside, immediate resistance lines up at 1.6082 (20-day SMA) and the 1.6115 zone (previous range floor). On the downside, supports are now seen at 1.6022 (Oct 29 low) and 1.6000 (psychological level).
GBP/USD trims losses with US data on focus
The Cable fell to a fresh 2-week low at 1.6022 late NY session but found support and following a consolidation phase it finally picked up momentum to advance. At time of writing, GBP/USD is trading at the 1.6065 zone, 0.1% above its opening price, having hit a high of 1.6070. Investors will now be watching next batch of US data including the ADP employment report, the CPI and of course the FOMC statement. However, Fed's taper prospects are nearly inexistent and many analysts argue the delayed tapering has been already priced-in.
GBP/USD technical levels
On the upside, immediate resistance lines up at 1.6082 (20-day SMA) and the 1.6115 zone (previous range floor). On the downside, supports are now seen at 1.6022 (Oct 29 low) and 1.6000 (psychological level).