GBP/USD nose-dives to 1.2120, fresh lows

Pablo Piovano FXStreet

A wave of buying interest around the greenback has dragged GBP/USD to fresh multi-day lows in the 1.2125/20 band.

GBP/USD weaker on USD bids

The pair has quickly broken below the key support at 1.2200 the figure as the buying pressure around the buck has gathered extra steam during the European afternoon.

The demand for USD has reverted the initial steady performance after US house prices measured by the S&P/Case-Shiller index has expanded at an annualized 5.1% during September, bettering initial forecasts.

GBP will remain in centre stage in light of the speech by Governor M.Carney on the economic consequences of Brexit before the House of Lords Economic Committee.

Further US data will see the IBD/TIPP Economic Optimism index and CB’s Consumer Confidence for the month of October.

GBP/USD levels to consider

As of writing the pair is losing 0.87% at 1.2132 facing the immediate support at 1.2086 (low Oct.11) followed by 1.1450 (low post-‘flash crash’ Oct.7). On the other hand, a break above 1.2327 (high Oct.18) would expose 1.2377 (high Oct.11) and finally 1.2420 (20-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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