Forex latest Update :-
Forex: GBP/USD: Pound bounces at 1.5860, back to range :-
Pound's attempt to break lower has hold at 1.5860 intra-week low, and the pair has returned to the previous trading range, between 1.5880 and 1.5940. At the moment of writing, the Sterling trades at 1.5915.
However, the Pound remains weak with intra-day and hourly studies negative, according to Liviu Flessar, technical analyst at InnerFX: "Both short-term and intra-day studies are negative and a short-term change in momentum would be signaled only by breaking above 1.6100/30. Downside is favored for now."
Support levels lie at 1.5800 (Jun low/Oct 2 low)) and below there, 1.5770 (Sept 28 low) and 1.5755. On the upside, resistance levels lie at 1.5945/55 (session high/Oct 2 high), and above here, 1.6000 and 1.6050 (Oct 6 high).
The USD/JPY fell for a third day to 88.76 after touching a low at 88.65 :-
The USD climbed for a fifth day versus the GBP as a Federal Reserve official said the central bank may start increasing interest rates “sooner rather than later,” which boosted demand for U.S. assets. The USD climbed against 14 of its 16 major counterparts after Kansas City Fed President Thomas Hoenig said yesterday that raising interest rates wouldn’t derail the U.S. economic recovery. Yesterday Hoenig’s comments came after the RBA increased its main interest rates since the start of the global financial crises as the first country of the Group of 20. Anyways, the European central banks are expected to let their interest rates unchanged. The GBP/USD fell for a fifth day to 1.5905 and touched its lowest price during the October at 1.5805.
The JPY fell as Japan’s Nikkei 225 Stock Average climbed 1.3 percent and the MSCI Asia Pacific Index of regional shares advanced 1.5 percent. The EUR/USD fell a little back to 1.4709 after reaching its high at 1.4762 yesterday. The USD/JPY fell for a third day to 88.76 after touching a low at 88.65.
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