Forex: GBP/USD: Cable fails to hold above 1.6000 and falls below 1.5950

By IBTimes Staff Reporter | December 24 2009 9:31 AM

FXstreet.com (Córdoba) - The Dollar got stronger across the board after the release of economic data in the U.S. The Pound failed to hold above 1.6000 and turned negative for the day falling quickly to fresh daily lows. GBP/USD bottomed so far at 1.5939 and currently trades at 1.5945/50, 0.06% below today's opening price.

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On the downside immediate support lies at 1.5920/15 (Dec 22/23 lows) and below at 1.5850 and 1.5825. To the upside, resistance is located at 1.6020 (intra-day high) and above at 1.6050 and 1.6125.

Jobless claims dropped by 28K to 452K in the week of December 19, beating market expectations of a decline by about 9K to 471K.

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