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2 Oct 2013
GBP/USD back above 1.6200
FXstreet.com (Córdoba) - The GBP/USD managed to regain the 1.6200 psychological level and climbed to fresh daily highs during the European session amid caution given the unfolding crisis over US budget funding.
Despite the decline in UK construction PMI (58.9 vs. 59.1 prev.), the GBP/USD was underpinned by a strong housing component and the improvement in market sentiment. At time of writing, GBP/USD is trading at the 1.6220 area, up 0.2% on the day, after hitting a high of 1.6227 and not far from its 9-month peak scored yesterday at 1.6259.
GBP/USD technical levels
As for technical levels, if GBP/USD breaks above 1.6227, it could approach to 1.6259 (Oct 1 high) and then 1.6300 (psychological level), while on the other hand, supports could be found at 1.6160 (daily low) and 1.6125 (Sep 30 low) ahead of 1.6100 (psychological level).
Despite the decline in UK construction PMI (58.9 vs. 59.1 prev.), the GBP/USD was underpinned by a strong housing component and the improvement in market sentiment. At time of writing, GBP/USD is trading at the 1.6220 area, up 0.2% on the day, after hitting a high of 1.6227 and not far from its 9-month peak scored yesterday at 1.6259.
GBP/USD technical levels
As for technical levels, if GBP/USD breaks above 1.6227, it could approach to 1.6259 (Oct 1 high) and then 1.6300 (psychological level), while on the other hand, supports could be found at 1.6160 (daily low) and 1.6125 (Sep 30 low) ahead of 1.6100 (psychological level).