Back
20 Sep 2013
GBP/USD moving lower, now testing 1.5990 support
FXstreet.com (London) - GBP/USD has been offered in now what appears to be a potential reversal of the price action around the Fed within a consolidation of a potential overbought scenario.
As research teams at TD Securities put it, “The USD has steadied as markets reassess the Fed outlook. By stressing the data-dependency mode, the USD is likely to be increasingly sensitive to the data outcomes in the next few weeks. The broader USD trend looks soft but, with the Fed still expected to taper in the next few months, scope for extended losses seems limited from here”.
GBP/USD Levels
The 20 DMA is 1.5704, the 50 DMA is 1.5512 and the 200 DMA is 1.5486, RSI (14) reads 40.34 while supports are ascending from 1.5963, 1.5980, and 1.5990. Spot is currently 1.6010 with resistances at 1.6034, 1.6164, 1.6182, 1.6223 and 1.6257.
As research teams at TD Securities put it, “The USD has steadied as markets reassess the Fed outlook. By stressing the data-dependency mode, the USD is likely to be increasingly sensitive to the data outcomes in the next few weeks. The broader USD trend looks soft but, with the Fed still expected to taper in the next few months, scope for extended losses seems limited from here”.
GBP/USD Levels
The 20 DMA is 1.5704, the 50 DMA is 1.5512 and the 200 DMA is 1.5486, RSI (14) reads 40.34 while supports are ascending from 1.5963, 1.5980, and 1.5990. Spot is currently 1.6010 with resistances at 1.6034, 1.6164, 1.6182, 1.6223 and 1.6257.