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8 Oct 2013
GBP/USD wavers on US lack of progress
FXstreet.com (Córdoba) - The GBP/USD has had a volatile day amid misleading headlines about the BoE introducing LTRO and political anxiety in the US with no signs of a deal to end the shutdown or raise the debt ceiling.
The GBP/USD fell to a low of 1.6019 in the wake of headlines saying the BoE would introduce some kind of LTRO program which turned out to be just misreporting of routine repo operation. The pair then bounced back above 1.6100 and reached a high of 1.6123 to finally retrace gains amid headlines out from Washington where Republicans and Democrats play chicken on shutdown Day 8 and as debt ceiling looms.
GBP/USD levels to watch
At time of writing, GBP/USD is trading at the 1.6075 zone, now 0.1% below its opening price with immediate supports lining up at 1.6019/15 (Oct 8 & 7 lows), 1.6000 (psychological level) and 1.5979 (Sep 25 low). On the other hand, resistances are seen at 1.6100 (psychological level/Oct 7 & 8 highs), 1.6130 (100-hour SMA) and then at 1.6150 (Oct 3 low).
The GBP/USD fell to a low of 1.6019 in the wake of headlines saying the BoE would introduce some kind of LTRO program which turned out to be just misreporting of routine repo operation. The pair then bounced back above 1.6100 and reached a high of 1.6123 to finally retrace gains amid headlines out from Washington where Republicans and Democrats play chicken on shutdown Day 8 and as debt ceiling looms.
GBP/USD levels to watch
At time of writing, GBP/USD is trading at the 1.6075 zone, now 0.1% below its opening price with immediate supports lining up at 1.6019/15 (Oct 8 & 7 lows), 1.6000 (psychological level) and 1.5979 (Sep 25 low). On the other hand, resistances are seen at 1.6100 (psychological level/Oct 7 & 8 highs), 1.6130 (100-hour SMA) and then at 1.6150 (Oct 3 low).