GBP USD fell to 1.3040
8/22/2016 8:42:28 AM
The bearish pressure speeded on a break of key support near 1.3075, dropping GBP/USD suddenly in a bid to test Friday’s low. Now, GBP/USD fell -0.26% to 1.3040, twisting near session lows hit at 1.3035. The cable faced rejection below 1.3100 handle and continued the downside momentum in the Asian trades among broad based USD advance and weaker oil prices, which posed a double whammy for the major. Furthermore, the USD increased across the board, mostly driven by the USD/JPY rally, while the oil prices declining on downbeat oil rigs count data. Lower oil price dent markets’ appetite for risk assets such as equities, GBP, etc. The pair has an immediate persistence at 1.3140, above which 1.3185 would be tested. On the other hand, support is seen at 1.3010 below that at 1.2975.
Fundamental Analysis
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