Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD (1.6004)
- Resistance Levels: 1.6250, 1.6480, 1.6620
- Support Levels: 1.6090, 1.5950, 1.5820
The Sterling continues to lose ground versus the U.S. Dollar. Today the U.K. missed its PMI estimates as the Services PMI came in at 59.7 in September. It came in at 60.5 in August and we had expected a print of 59. The composite PMI fell to 57.4, slower than the reading in August which came in at 59.3 and missed expectations for 58.2.
After the release, the GBP/USD fell below the key 1.61 support level and I moving towards short term support at 1.6090. A close below this level will challenge 1.5950 and lower. Should the Pound reverse course, we need to climb above 1.6250. If his happens we move towards 1.6460 then 1.6485.
