by Wed, 03 Nov 2010 08:33:00 +0100
Forex: GBP/USD eases below 1.6025, to 1.6000 session low
FXstreet.com (Barcelona) - The Pound dipped yesterday, weighed by downbeat construction data, to find support at 1.5960, and bounce up to consolidate in the 1.6025/45 range, which has been broken ahead of the European opening, as the Sterling pierced the daily pivot, at 1.6025 to hit session low at 1.6000.
On the downside, the pair might find support at 1.5960 (Nov 2 low), and below here, 1.5905/15 (Daily Pivot S2/Weekly Pivot Point) and 1.5875 (Oct 29 low). On the upside, immediate resistance lies at 1.6045 (session high), and above here, 1.6090/05 (Oct 15/Nov 1 high) and 1.6180 (Jan 29 high).
GBP/JPY has broken through 129.23, the support level of Asian session's trading range although the pair remains moving within the current week's range, between 128.90 and 129.70.
| Technical Analysis (2010-11-03 07:15 GMT) | |
|---|---|
GBP/USD 1.60171/1.60199 - O: 1.594 H: 1.5947 L: 1.5938 C: 1.5942 | |
| Trend | R3: 1.6096 |
 | R2: 1.6056 |
| R1: 1.6016 | |
| S1: 1.5928 | |
| S2: 1.5968 | |
| S3: 1.6008 | |
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