I pointed out the potential GBP weakness early this morning when cable failed to hold above 1.6110.
Little respite since then as the US dollar pressure continues.
Good support at 1.6050 with stop loss selling below there down to 1.6025 and then ultimately 1.5980-1.6000 if the greenback gains persist.
O/n low of 1.6065 which we tested again just now and we’re bouncing gently to 1.6076 as I type
Initial resistance between 1.6100-20 with larger interest at 1.6150.
US data at the bottom of the hour may well be kill or cure. For today at least.
GBP vs USD HI 29 Oct
