Back
4 Oct 2013
GBP/USD breaks below 1.6100
FXstreet.com (Córdoba) - The GBP/USD weakened further during the European session and fell to a fresh 1-week low, accelerating the decline on the break of the 1.6100 psychological level.
GBP/USD falls to 1-week low
The pair triggered stops and stretched to a low of 1.6071 in recent dealings without a clear catalyst as there have been no UK data of note to trigger the moves. The setback looks as corrective and due to some profit taking, after the Cable reached a 9-month high of 1.6259 Wednesday.
GBP/USD technical outlook
At time of writing, GBP/USD is trading around 1.6075, recording a 0.5% loss on the day. From a technical perspective, "yesterday's failure at 1.6234 signals, that a reversal is underway since Tuesday's 'pin bar' on the daily frame and my outlook here is negative, for a slide towards 1.6060, en route to 1.5950 support area", says Stoyan Mihaylov, analyst at DeltaStock.com. "Initial intraday resistance is projected at 1.6190 and it will guard the bearish outlook today".
GBP/USD falls to 1-week low
The pair triggered stops and stretched to a low of 1.6071 in recent dealings without a clear catalyst as there have been no UK data of note to trigger the moves. The setback looks as corrective and due to some profit taking, after the Cable reached a 9-month high of 1.6259 Wednesday.
GBP/USD technical outlook
At time of writing, GBP/USD is trading around 1.6075, recording a 0.5% loss on the day. From a technical perspective, "yesterday's failure at 1.6234 signals, that a reversal is underway since Tuesday's 'pin bar' on the daily frame and my outlook here is negative, for a slide towards 1.6060, en route to 1.5950 support area", says Stoyan Mihaylov, analyst at DeltaStock.com. "Initial intraday resistance is projected at 1.6190 and it will guard the bearish outlook today".