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1 Oct 2013
GBP/USD struggles to regain 1.62
FXstreet.com (Chicago) - GBP/USD oscillates at critical 1.62 juncture in the afternoon of the American trading session after finding grounds at 1.6182 lows.
Data recap
On most recent news regarding the US government shutdown, the confirmation of the passing of three bills that attempt to reopen Federal Parks seems to become real according to news sources. Price action reveals the extension of a short-term bearish channel that started after the pair reached 1.6262 highs at the opening of the American trading session. On earlier data released in the UK, manufacturing results disappointed with the Markit PMI at 56.7 vs. past 57.2. In the US, the ISM manufacturing PMI was 56.2 vs. expected 55.0. While the FTSE 100 closed with 0.03% losses, Wall Street prints gains so far.
GBP/USD Technical Levels
Technically speaking, the pair trades at 1.62 and navigates between supports aligned at 1.6158 (September 18th highs), 1.6095 (September 26th highs) ahead of 1.6014 (September 23rd lows) and the resistances set at 1.6259 (session highs), 1.6310 (December 15th 2012 highs) followed by 1.6376 (January 2nd highs). According to the ICN technical analysis team, the pair is on the upside as far as the area at 1.5280 remains intact targeting 1.6540.
Data recap
On most recent news regarding the US government shutdown, the confirmation of the passing of three bills that attempt to reopen Federal Parks seems to become real according to news sources. Price action reveals the extension of a short-term bearish channel that started after the pair reached 1.6262 highs at the opening of the American trading session. On earlier data released in the UK, manufacturing results disappointed with the Markit PMI at 56.7 vs. past 57.2. In the US, the ISM manufacturing PMI was 56.2 vs. expected 55.0. While the FTSE 100 closed with 0.03% losses, Wall Street prints gains so far.
GBP/USD Technical Levels
Technically speaking, the pair trades at 1.62 and navigates between supports aligned at 1.6158 (September 18th highs), 1.6095 (September 26th highs) ahead of 1.6014 (September 23rd lows) and the resistances set at 1.6259 (session highs), 1.6310 (December 15th 2012 highs) followed by 1.6376 (January 2nd highs). According to the ICN technical analysis team, the pair is on the upside as far as the area at 1.5280 remains intact targeting 1.6540.