11 Nov 2013
GBP/USD drops to daily lows sub-1.6000
FXstreet.com (Córdoba) - The GBP/USD surrendered intraday gains and turned negative on the day, with the Cable accelerating lower on the break of 1.6000.
The GBP/USD failed to extend its recovery above 1.6020 and resumed the slide, falling to a low of 1.5978 during the European session before finding support and bouncing. The GBP/USD is currently trading right below the 1.6000 mark, virtually unchanged since opening and with a quiet session expected ahead as US celebrates the Veterans Day.
GBP/USD levels to watch
In terms of technical levels, key support is now seen at 1.5956 (Nov 8 low) followed by 1.5902 (Nov 4 low). On the flip side, resistances are now seen at 1.6020 (daily high) and 1.6073 (21-day SMA).
The GBP/USD failed to extend its recovery above 1.6020 and resumed the slide, falling to a low of 1.5978 during the European session before finding support and bouncing. The GBP/USD is currently trading right below the 1.6000 mark, virtually unchanged since opening and with a quiet session expected ahead as US celebrates the Veterans Day.
GBP/USD levels to watch
In terms of technical levels, key support is now seen at 1.5956 (Nov 8 low) followed by 1.5902 (Nov 4 low). On the flip side, resistances are now seen at 1.6020 (daily high) and 1.6073 (21-day SMA).