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Forex: GBP/USD bounces off daily pivot

By FXstreet.com,  October 02, 2012, 04:45:00 AM EDT

FXstreet.com (Barcelona) - GBP/USD made a morning high at 1.6162 before sharply declining following Spanish Unemployment figures ushered in a wave of negative risk sentiment which washed away overnight gains.

The pair made support at the daily pivot point at 1.6137 before climbing to 1.6156. UK Construction PMI has disappointed analyst expectations at 49.5/49.8 and has seen spot decline to where it currently trades at 1.6151. Forex Ticket analysts see the pair continuing to range between 1.6111 and 1.6165 with extended support and resistance to be found at 1.6070 and 1.6205.

Calendar wise EU PPI at 09:00 GMT and a UK 10 year auction are the headline events ahead today. Elsewhere, European Equities are trading in the red with the majority of commodities mixed to higher.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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