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1 Feb 2013
Forex: GBP/USD finds support at 1.5810
The pound is bouncing off session lows on Friday, as we get closer to the US NFP figures, expected at +160K in January.
The sterling is thus recovering from previous losses, after the softer UK manufacturing PMI sent the cross to fresh lows.
“On the back of our bearish USD view, we expect the pace of losses in cable to be tempered. We expect cable to push towards the 1.55 area on a 6 mth view”, commented Jane Foley, Strategist at Rabobank.
As of writing, the cross is down 0.11% at 1.5838 with the next support at 1.5809 (ma10D) followed by 1.5726 (low Jan.30).
On the upside, a breakout of 1.5892 (high Jan.23) would open the door to the 200-day moving average at 1.5894.
The sterling is thus recovering from previous losses, after the softer UK manufacturing PMI sent the cross to fresh lows.
“On the back of our bearish USD view, we expect the pace of losses in cable to be tempered. We expect cable to push towards the 1.55 area on a 6 mth view”, commented Jane Foley, Strategist at Rabobank.
As of writing, the cross is down 0.11% at 1.5838 with the next support at 1.5809 (ma10D) followed by 1.5726 (low Jan.30).
On the upside, a breakout of 1.5892 (high Jan.23) would open the door to the 200-day moving average at 1.5894.