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GBP/USD < 1.60 - next levels to watch

The  strong US Non-Farm Payrolls not only sends GBP/USD below the “Scottish low” of 1.6050 but also below the round number of 1.60.

What are the next lines below?

A first attempt to move lower  stopped just above 1.60, but a second move already pushed through. At the time of writing, the new low is 1.5987.

1.5910 could provide some initial support, if the break is confirmed. 1.5850 worked as support and as  resistance several times in the past.  Really strong support awaits only at 1.56.

On the upside, we find 1.6050 and 1.6160. For more, see the pound dollar forecast.

Here is how the fall looks on the chart:

GBPUSD under 1 60 on October 3 following the US jobs report non farm payrolls


The Bank of England convenes next week, and no change is  expected from Carney and his colleagues. A lower exchange rate means that inflation could rise so that a rate could come earlier. In the meantime, the dollar is mighty strong.

In our latest podcast, we  discuss the big events for October:

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.