After plunging below 1.5600 on yesterday’s risk-off sentiment, the GBP/USD was unable to hold around 1.5450 and resumed the downside movement during the European session.
This morning Italy’s debt auction sold 7 billion euro with yields at 5.62% and almost 7% for 3-yr and 10-yr bills, respectively. The news triggered a downfall below 1.5400, finding a low at 1.5361.
At the moment of writing, the GBP/USD is quoting at 1.5390. On the downside, supports might be found at 1.5345 low, followed by 1.5339 (Oct-10 low) and 1.5270 (Oct-6 low). On the upside, resistance should appear at 1.5470 psychological level and 1.5540.
By
M.Zohaib Gadit
Forex Trading Consultant
This morning Italy’s debt auction sold 7 billion euro with yields at 5.62% and almost 7% for 3-yr and 10-yr bills, respectively. The news triggered a downfall below 1.5400, finding a low at 1.5361.
At the moment of writing, the GBP/USD is quoting at 1.5390. On the downside, supports might be found at 1.5345 low, followed by 1.5339 (Oct-10 low) and 1.5270 (Oct-6 low). On the upside, resistance should appear at 1.5470 psychological level and 1.5540.
By
M.Zohaib Gadit
Forex Trading Consultant
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