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8 Oct 2013
GBP/USD spikes lower on BoE misleading headlines
FXstreet.com (Córdoba) - The GBP/USD saw a quick drop during the European session after some reports of a BoE LTRO, which was just misreporting of routine repo operation.
The GBP/USD accelerated lower on the break of 1.6050 and slid toward the 1.6020 area to score a fresh daily low, roughly at the same level it bottomed out yesterday, before the 21-day SMA offered support. GBP/USD managed to climb back to the 1.6070 zone, where it is currently trading, still 0.2% below its opening price.
GBP/USD technical levels
In terms of technical levels, GBP/USD could find immediate supports at 1.6019/15 (Oct 8 & 7 lows) and 1.6000 (psychological level) 1.5979 (Sep 25 low). On the other hand, resistances are seen at 1.6100 (psychological level/Oct 7 & 8 highs) and 1.6130 (100-hour SMA) ahead of 1.6150 (Oct 3 low).
The GBP/USD accelerated lower on the break of 1.6050 and slid toward the 1.6020 area to score a fresh daily low, roughly at the same level it bottomed out yesterday, before the 21-day SMA offered support. GBP/USD managed to climb back to the 1.6070 zone, where it is currently trading, still 0.2% below its opening price.
GBP/USD technical levels
In terms of technical levels, GBP/USD could find immediate supports at 1.6019/15 (Oct 8 & 7 lows) and 1.6000 (psychological level) 1.5979 (Sep 25 low). On the other hand, resistances are seen at 1.6100 (psychological level/Oct 7 & 8 highs) and 1.6130 (100-hour SMA) ahead of 1.6150 (Oct 3 low).