15 Oct 2013
GBP/USD erases gains and falls below 1.5950
FXstreet.com (Córdoba) - The GBP/USD falls to a fresh low for the week of 1.5930 after Monday's 1.5950 low gives way amid renewed dollar strength.
With the USD picking pace across the board, especially versus its European peers, GBP/USD was rejected from above 1.6000 and dropped over 70 pips to score its lowest in 4 days during the European session. At time of writing, GBP/USD is trading around 1.5935, 0.3% below its opening price.
GBP/USD technical outlook
From a technical perspective, Stoyan Mihaylov, analyst at DeltaStock.com notes that the outlook for Cable remains negative below 1.6015 resistance area, for a break through 1.5912 low, en route to 1.5840 and 1.5750 support zone.
With the USD picking pace across the board, especially versus its European peers, GBP/USD was rejected from above 1.6000 and dropped over 70 pips to score its lowest in 4 days during the European session. At time of writing, GBP/USD is trading around 1.5935, 0.3% below its opening price.
GBP/USD technical outlook
From a technical perspective, Stoyan Mihaylov, analyst at DeltaStock.com notes that the outlook for Cable remains negative below 1.6015 resistance area, for a break through 1.5912 low, en route to 1.5840 and 1.5750 support zone.