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Forex: GBP/USD eyes S1 support at 1.5850

By FXstreet.com,  November 14, 2012, 08:36:00 AM EDT

FXstreet.com (Barcelona) - Following it's decline from 1.5900 following the BoE Inflation Report and Governor King's subsequent speech, GBP/USD made a low at 1.5854 and looks like remaining under pressure as we head towards the US session.

Spot is currently seeking support at yesterday's low at 1.5857 following US MBA Mortgage Applications showed a significant improvement from -5% to 12%. With the European calendar complete for the day, focus now falls on the US session where PPI and Retail Sales data is due at 13:30 GMT and the FOMC minutes are published at 19.00 GMT.

Delta Stock analyst Stoyan Mihaylov is neutral on the pair and notes that although the bias on the senior frames remains negative below 1.5942, the lack of trend dynamics on an intraday basis forces his judgment.




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

Referenced Stocks:



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