GBP USD heads south
9/29/2016 9:02:00 AM
The GBP/USD pair expands its withdrawal from OPEC deal-led risk-on rally, and now heads south in a bid to test 1.3000 support among revival of demand for the dollar.
Currently, GBP/USD turns negative and floats near daily lows deal at 1.3015 some minutes ago, eyeing a break below 1.3000 handle. The bearish pressure behind the cable increased over the last few hours, with traders reversing almost entire rally backed by OPEC agreement driven risk-on sentiment.
Furthermore, the latest leg lower in the GBP/USD pair can be partly attributed to renewed strength witnessed in the USD index, a relative measure of dollar’s strength.
The pair has an immediate persistence at 1.3060, above which 1.3090 and 1.3125 would be tested. On the other hand, support is seen at 1.3000 below that at 1.2945.