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Forex pairs in this Article » GBP/USD
FXstreet.com (Barcelona) - Pound retreat from Tuesday's highs at 1.6440 extended about 145 pips lower on London session weighed by downbeat retail sales in the UK and growing risk aversion on concerns about Greece, and the pair reached fresh 3-week lows at 1.6080.

At the moment, the Sterling is consolidating above 1.6100 with next support levels below here, at 1.6055 (May 20 low), and 1.5935 (March 23 low). On the upside, resistance levels lie at 1.6140 (intra-day level), and above here, 1.6225 (day high) and 1.6275 (intra-day level).

Breach of 1.6057 support level would weaken the broader structure, says Slobodan Drvenica, technical analyst at Windsor Brokers, and confirm a short-term top at 1.6745: "Break here would weaken the broader structure and confirm short-term top at 1.6745. On the upside, immediate resistance lies at 1.6220, while 1.6300 zone is expected to limit current corrective action on oversold hourly / 4-hour conditions."

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