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25 Nov 2013
GBP/USD dips below 1.6200
FXstreet.com (Córdoba) - The GBP/USD dipped back below 1.6200 during the European session as rejection from the 1.6240 zone put the pair under mild pressure.
The GBP/USD reached a 1-month high of 1.6239 at the weekly opening but lacked follow-through and entered a corrective phase that extended to fresh lows sub-1.6200 following disappointing UK housing data. UK mortgage approvals fell to 42.8K in October, missing expectations of a 45.2K reading.
GBP/USD levels to watch
At time of writing, GBP/USD is trading at the 1.6195 zone, 0.2% below its opening price, having hit a low of 1.6184 before the 50-hour SMA offered support. As for technical levels, if the pair breaks below daily lows, next supports are seen at 1.6176 (Nov 22 low) and 1.6149 (100-hour SMA). Meanwhile, immediate resistances are seen at 1.6239 (daily high) and 1.6255 (Oct 23 high).
The GBP/USD reached a 1-month high of 1.6239 at the weekly opening but lacked follow-through and entered a corrective phase that extended to fresh lows sub-1.6200 following disappointing UK housing data. UK mortgage approvals fell to 42.8K in October, missing expectations of a 45.2K reading.
GBP/USD levels to watch
At time of writing, GBP/USD is trading at the 1.6195 zone, 0.2% below its opening price, having hit a low of 1.6184 before the 50-hour SMA offered support. As for technical levels, if the pair breaks below daily lows, next supports are seen at 1.6176 (Nov 22 low) and 1.6149 (100-hour SMA). Meanwhile, immediate resistances are seen at 1.6239 (daily high) and 1.6255 (Oct 23 high).