GBP/USD hit 1.6030 during European morning trade, the session low; the pair subsequently consolidated at 1.6055, shedding 0.20%.Cable was likely to find support at 1.5940, Thursday’s low and resistance at 1.6182, the high of October 8.The greenback’s gains were limited however as St. Louis Federal Reserve President James Bullard said the U.S. central bank may want to maintain its bond buying fornow given a drop in inflation expectations.Sterling was steady against the euro, with EUR/GBP inching up 0.06% to 0.7967.Sentiment on the euro remained vulnerable amid growing concerns over the threat of deflation in the euro zone after revised data on Thursday showed that bloc’s consumer price inflation rose by 0.3% in September, in line with expectations.
INTRADAY OUTLOOK
Support:1.6050
Resistance: 1.6129
RECOMMENDATION:
1. Buy GBP/USD Above 1.6131-TG:1.6151/1.6181 SL 1.6101
2. Sell GBP/USD Below 1.6048-TG:1.6028/1.5998 SL 1.6078
INTRADAY OUTLOOK
Immediate Support:1.2767
Immediate Resistance: 1.2843
RECOMMENDATION:
1. Buy EUR/USD Above 1.2845-TG:1.2865/1.2895 SL 1.2815
2. Sell EUR/USD Below 1.2765-TG:1.2745/1.2715 SL 1.2795
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