GBP/USD treads water below 1.6000

FXstreet.com (Córdoba) - Following a slow Asian session, GBP/USD came under pressure and erased previous gains after UK construction output for August disappointed.

GBP/USD weighed by UK construction output

GBP/USD was capped by the 1.6000 area and fell to a low of 1.5969 after UK construction output printed a 4% gain on the year versus a 5.2% increase expected. Separated data showed the CB leading index for the UK grew 1.2% in September versus 0.7% the previous month.

GBP/USD technical levels

At time of writing, GBP/USD is trading at the 1.5975 area, just a few pips above its opening price, with immediate supports lining up at 1.5969 (daily low) and 1.5915 (Oct 9 & 10 low) ahead of 1.5900 (psychological level). On the upside, resistances are seen at 1.6000 (psychological level) and 1.6050 (20-day SMA).

Oct 11, 2013

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