Forex: GBP/USD in ranges below 1.5900

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FXstreet.com (Córdoba) - The Pound has been moving sideways against the Dollar in the last hours between 1.5855 and 1.5900. GBP/USD rose earlier to 1.5912 (session high) but failed to hold above 1.5900. Currently the pair is approaching to daily highs as risk appetite rises weakening the Dollar across the board after a better than expected reading in the ISM Non-Manufacturing Index.

If the pair rises above 1.5930 it could gain momentum and extend the upside to 1.6030 and even 1.6200 according to the Kshitij Consultancy Services Team. "Only a move below 1.5660 can damage the immediate up trend and push the pair towards its previous breakout zone 1.5500-5530", the Team said.

In the US the Institute for Supply Management ( ISM ) released the non manufacturing report on business. The index rose to 53.2 in September from 51.5, beating market expectations of an increase to 52.



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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