GBP/USD hit 1.5878 during European morning trade, the pair’s lowest since November 2013; the pair subsequently consolidated at 1.5901, dipping 0.01%. Cable was likely to find support at 1.5852 and resistance at 1.6103, Tuesday’s high.Meanwhile, market sentiment remained under pressure amid growing concerns over the outlook for growth in the euro zone after data on Tuesday showed that the bloc’s industrial production declined more than expected in August, while July’s figure was revised down.A separate report showed that German economic sentiment deteriorated to the lowest level since December 2012 in October, fuelling further concerns over the euro zone’s largest economy.
INTRADAY OUTLOOK
Support:1.5870
Resistance: 1.5923
RECOMMENDATION:
1. Buy GBP/USD Above 1.5925-TG:1.5945/1.5975 SL 1.5805
2. Sell GBP/USD Below 1.5868-TG:1.5848/1.5818 SL 1.5898
INTRADAY OUTLOOK
Immediate Support:106.60
Immediate Resistance: 107.18
RECOMMENDATION:
1. Buy USD/JPY Above 107.20-TG:107.40/107.70 SL 106.90
2. Sell USD/JPY Below 106.58-TG:106.38/106.08 SL 106.88
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