U.K. pound rejected as it tries to reach 1.60 in currency trading
The sterling is falling back in forex trading on the currency market today, after trying to make another run at 1.60. With the Australian dollar making its move in currency trading, there was speculation that the risk trade was ready for a comeback. Additionally, some relatively good economic news out of Britain gave some hope to some forex traders.
However, it appears that the market is not quite ready for the pound to hit 1.60 in currency trading. Instead, sterling was rejected at that level in forex trading. FX Street reports on where support and resistance should be drawn for GBP/USD:
Initial support levels lies at the mentioned 1.5920 session low, and below here, the Pound might find support at 1.5880 and 1.5805 (Oct 2 low). On the upside resistance levels lie at Oct 1 high at 1.6025, and above here, next resistance levels lie at 1.6110 (End August/start September lows) and 1.6200.
In the end, better signs of economic recovery will be needed in order for the sterling to head higher in forex trading on the currency market and overcome the 1.60 mark. It’s possible, though, that the needed boost will come today — provided the U.S. stock market can rally.
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