FXstreet.com (Córdoba) - The British pound has continued to move lower on Wednesday, dipping briefly below the 1.6100 mark, as repeatedly failed attempts to regain the 1.6170/1.6185 resistance area turned focus on the downside.
GBP/USD fell to a fresh 3-week low of 1.6083 during the European session, weighed by a weaker September service PMI reading of 52.2 vs. 53 consensus in the UK. However, the pair managed to recover some ground, capped by the 1.6125 on the upside, and it is currently trading at the 1.6110/15 zone, still down 0.1% on the day.
"Although the bias here continues to be negative after yesterday's test of 1.6186 resistance area, I favor a reversal above 1.6040-50 to initiate a rise towards 1.6308 high", says Stoyan Mihaylov, analyst at www.deltastock.com. "Trigger on the upside is 1.6186 crucial level".
GBP/USD fell to a fresh 3-week low of 1.6083 during the European session, weighed by a weaker September service PMI reading of 52.2 vs. 53 consensus in the UK. However, the pair managed to recover some ground, capped by the 1.6125 on the upside, and it is currently trading at the 1.6110/15 zone, still down 0.1% on the day.
"Although the bias here continues to be negative after yesterday's test of 1.6186 resistance area, I favor a reversal above 1.6040-50 to initiate a rise towards 1.6308 high", says Stoyan Mihaylov, analyst at www.deltastock.com. "Trigger on the upside is 1.6186 crucial level".
