The British Pound continued in sell-off mode, extending its decline against the greenback down to 1.5329 daily basis. The GBP/USD pair has posted shallow intraday bounces before reaching fresh lows, and trades a handful of pips above the mentioned low by the US close, maintaining the downside opened. There were no fundamental catalysts behind the latest decline, as the UK data has performed for the most well lately, although technically, a break below a major Fibonacci support level could have been the reason of it. The 1 hour chart shows that the 20 SMA heads sharply lower around the 1.5400 figure, whilst the technical indicators are aiming to bounce from oversold territory, rather supporting an upward correction than a turn in the dominant trend. In the 4 hours chart, is clear that after failing to overcome the 1.5475 region, the 61.8% retracement of its latest bullish run, the pair resumed the slide, maintaining a negative bias, which points for additional declines on a break below the 1.5320 level, the immediate support.

Support levels: 1.5320 1.5280 1.5245

Resistance levels: 1.5385 1.5430 1.5475
Reported by One Financial Market Company
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