GBP USD decreased sharply
8/25/2016 10:38:09 PM
The selling pressure behind the GBP seems to alleviate a bit, with the GBP/USD pair proceed lows in reaction to a tepid recovery presented by oil prices. Presently, GBP/USD trades modestly flat at 1.3225, twisting near session lows previously struck at 1.3230. The cable ran through fresh supply ahead of 1.3255 levels, and decreased sharply lower in a bid to test the NY low reached at 1.3230. Furthermore, increased fears ahead of the Jackson Hole Symposium, keeps the traders on the side-lines. While a broadly quiet USD fails to reinforce the sentiment around the GBP/USD pair. Next of note for the major left the UK CBI realized sales and US durable goods orders data for more motivation. Though, the main markets moving event for today remains the Jackson Hole symposium, with all eyes on Yellen’s speech due on Friday. The pair has an immediate persistence at 1.3255, above which 1.3300 would be tested. On the other hand, support is seen at 1.3200 below that at 1.3170.
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