FX News – October 11: GBP/USD, AUD,NZD, GBP/JPY Get Boost in Asian Session

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After dropping sharply on Wednesday, the GBP/USD pair received a slight boost late on Thursday's session. This was after the Bank of England announced no changes in its interest rates and its asset purchase program.

From dropping to a low of 1.5193 on Thursday, the pair made a slow and steady climb, to return to the 1.5900 zone.

On the other side of the Atlantic, there have been news that US President Barack Obama and Republican Representatives met on Thursday, with reports of a slight progress in their discussions. As with the past week, this will continue to grab the headlines as the US government is nearing its deadline to resolve the lockdown between Republican and Democratic Representatives over budget and healthcare issues.

The GBP/USD pair is currently trading at 1.5983, with initial resistance at 1.6008, followed by 1.6048. Meanwhile, initial support is at 1.5940, followed by 1.5900.

In the Pacific, the AUD/NZD pair continued to rally today due to a stronger aussie. This trend is expected to go on throughout the day as Australia, New Zealand, and the rest of Asia are fairly light on data.

From a dip below the 1.1400 zone late on Thursday's session, the AUD/NZD pair rose up again around the opening of the Asian session, peaking so far at 1.1432.

The pair is currently trading at 1.1414, with initial resistance seen at 1.1471, followed by 1.1500. Meanwhile, initial support is at 1.1381, followed by 1.1353.

The GBP/JPY pair, meanwhile, is making a huge recovery early in today's session after it took a nosedive during yesterday's European session. From a low around the 154.80 zone, the pair made a huge recovery at the 157.50 area. It is currently showing no signs of stopping anytime soon.

The pair is trading at 157.50, with initial resistance seen at 157.75, followed by 158.14. Meanwhile, initial support is at 156.01, followed by 155.62.

By FX Strategy Team, Published on 11th of October 2013
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