Forex: Cable weakness across the board

on October 14 2009 10:33 AM

FXstreet.com (Córdoba) - The Sterling lost previous gains and now trades below the opening price across the board. GBP/USD failed to hold above 1.6000 and fell to 1.5915. Currently the pair trades at 1.5925/30, at the same levels it had at the beginning of the day.

The ecPulse.com analysis team affirms: The sterling-dollar pair showed an incline on the daily charts. However, the pair is moving south over the 4-hour and 1-hour charts. ILO unemployment was released today in the U.K. showing resemblance with the previous reading.

Against the Euro, Cable failed to break below the support zone at 0.9300. EUR/GBP regained the upside and trades at the highest levels of the day at 0.9340/45, 0.20% above today's opening price action.

GBP/JPY also weakened after the opening bell at Wall Street. Cable was testing levels above resistance zone at 143.20 and peaked at 143.80 posting a fresh one-week high but then tumbled to 142.10 erasing previous gains.

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