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Forex pairs in this Article » GBP/USD (Córdoba) - The GBP/USD bounced from below 1.6400 after hitting a fresh 1-week low at the beginning of the New York session.

The greenback strengthened against its European peers, dragging the GBP/USD to a low of 1.6394 in recent dealings. However, the Cable managed to bounce from lows and climbed back to the 1.6435 zone, where it is currently trading, still 0.1% below its opening price.

GBP/USD technical perspective

"The hourly chart shows price moving away below a bearish 20 SMA as indicators gain bearish slope, entering negative territory. In the 4 hours chart price develops well below a bearish 20 SMA while indicators head south below their midlines, also supporting a downward continuation", says Valeria Bednarik, chief analyst at "Immediate support stands at 1.6370, and a break below should signal a deeper slide for the first half of next week".

Bednarik locates immediate supports at 1.6405, 1.6370 and 1.6330, while she places resistances at 1.6450, 1.6490 and 1.6525.
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