GBP/USD set to continue downward slide as key Support is set to be breached

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According to Technical Analysis reading from the daily MT4 chart of the GBP/USD pair, its set the UK Pound would continue its downward slide below the key support at 1.6000. The pair is currently quoting at 1.6013 as at 10.54 GMT

With UK Industrial & Manufacturing production data released this morning at 08.30 GMT, showing slight contraction against last month’s release, the pair seems set to further continue its slide down the 1.60 mark.

Technical indicators on the daily chart points that an important support at 1.6022 have been breached yesterday 8th October, 2012, with next immediate support located at 1.5985, followed by 1.5965.

On the upside in the case of a revival for the pair, immediate resistance could be found at 1.6035, followed by 1.6075


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