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Forex pairs in this Article » GBP/USD (California) - Wednesday's trade saw the Pound lose more than 170 pips as negative UK inflation, employment data and a risk averse trading environment pushed GBP/USD into lows below 1.6170, levels not seen since the 25th day of May.

"Quoting below 1.6200 previous strong low now immediate resistance area, hourly chart shows indicators aiming for a bullish corrective movement although price action seems pretty much limited by mentioned level," explains Valeria Bednairk, Chief Analyst at

"4 hours chart, shows momentum indicator still strongly bearish which should help keep the upside limited," she adds.

At the time of writing, the Pound has opened the Asian trade at 1.6191 and is now ranging between 1.6200 and 1.6173, quoted in the 1.6195 zone.

To the downside, Valeria recognizes support levels at 1.6160, 1.6120 and 1.6075, while resistance may be found at 1.6200, 1.6230 and 1.6260.
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