FXstreet.com (Barcelona) - The GBP/USD is already down by -0.67% on the day (GMT) as it trades around 1.6028, but the pair has reached as low as 1.6021 earlier as it extends the October decline and aims the 1.6000 psychological level.
The market is very quiet now as the European bourses are at its close and the American bourses are closed for Columbus Day.
“Our negative bias will be maintained below 1.6310 - only above here would introduce scope for a move to extend to the 2009-2012 resistance line at 1.6495”, wrote analyst Karen Jones, not favoring this scenario, pointing to initial resistance at 1.6228 and targeting 1.5912/00 (50% retracement of the move up from July and also the 23rd August high).
The market is very quiet now as the European bourses are at its close and the American bourses are closed for Columbus Day.
“Our negative bias will be maintained below 1.6310 - only above here would introduce scope for a move to extend to the 2009-2012 resistance line at 1.6495”, wrote analyst Karen Jones, not favoring this scenario, pointing to initial resistance at 1.6228 and targeting 1.5912/00 (50% retracement of the move up from July and also the 23rd August high).
