Forex Trading: Daily Perspective Of GBP/USD

Gbp/Usd has just begun selling off going into the European morning. If the pair moves to the downside it should find some support at the 61.8% Fibo (1.6152). This support may only be short lived as we see a move to the upside on Oct. 15 give this level no recognition. If the news that comes out of the Pre-Budget release is as negative as some fear a move down to 1.59 handle is not out of the question.

To the topside 1.6290 is a strong level of resistance, marking the 50% Fibo retracement.

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