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GBP/USD drifting lower still?

FXstreet.com (London) – GBP/USD has drifted to 1.6320 from the highs 1.6376 while markets have been sluggish and sleepy. 1.6298 is next support should the pair continue to drift lower.

GBP/USD shed some shine while mortgage approvals were softer than expected at 67.7K in Oct (mkt 68.5K), but they are still trending higher and are now sitting at their highest level since Feb 2008. There is very little to take from the calendar today and markets are likely to be holding out for a busy start to December next week.

GBP/USD Level

The 20 DMA is 1.6101 the 50 DMA is 1.6092 …read more