FXstreet.com (Barcelona) - The stole market around 30 pips from the chart and led the GBP/USD to a low at 1.6058 ahead of the London opening. The pair has been trading very quietly since then, with some short upside spikes along the way as the UK data was released.
UK M4 Money Supply (YoY) rebounded to -3.5% in September, but in a lower growing pace than expected, and both consumer credit and net lending to individuals rose to £1.2B and £1.7B, respectively.
As of writing, the GBP/USD is quietly extending its lows, now at 1.6055. “GBP/USD has failed to break the resistance implied by the high of its declining channel. Monitor the hourly support at 1.6048 (24/10/2012 high)”, wrote MIG Bank analyst Bijoy Kar, expecting a long-term horizontal range, with resistance at 1.6302.
UK M4 Money Supply (YoY) rebounded to -3.5% in September, but in a lower growing pace than expected, and both consumer credit and net lending to individuals rose to £1.2B and £1.7B, respectively.
As of writing, the GBP/USD is quietly extending its lows, now at 1.6055. “GBP/USD has failed to break the resistance implied by the high of its declining channel. Monitor the hourly support at 1.6048 (24/10/2012 high)”, wrote MIG Bank analyst Bijoy Kar, expecting a long-term horizontal range, with resistance at 1.6302.
