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Thursday, 3 October 2013

latest gbp/usd forecast

latest gbp/usd forecast

The latest trend showing that GBP/USD on the lower side and further getting down, at the start of this week 30 September 2013, trend started on the lower side but in the middle of the week trend gets on the higher side which is 1.63.

The pound remained lower against the U.S. dollar on Thursday, although demand for the greenback remained under pressure after the release of disappointing U.S. service sector data and amid sustained U.S. budget worries.

GBP/USD hit 1.6164 during U.S. morning trade, the session low; the pair subsequently consolidated at 1.6171, shedding 0.35%.

Cable was likely to find support at 1.6128, the low of September 30 and resistance at 1.6260, the high of October 1 and the highest since early January. 

The dollar remained under pressure as investors continued to weigh the implications of a protracted U.S. government shutdown.

President Barack Obama met with Republican and Democratic leaders in Congress on Wednesday, although a solution still seemed unlikely.

Markets were also considering how the political deadlock in Washington will impact negotiations to raise the U.S. debt ceiling, which the U.S. Treasury Department has estimated will be reached by October 17.

Moody's Investors Service warned that a failure to raise the debt limit would result in a worse outcome for financial markets than a government shutdown.

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