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Forex pairs in this Article » GBP/USD (Córdoba) - The GBP/USD weakened further during the European session and fell to a fresh 1-week low, accelerating the decline on the break of the 1.6100 psychological level.

GBP/USD falls to 1-week low

The pair triggered stops and stretched to a low of 1.6071 in recent dealings without a clear catalyst as there have been no UK data of note to trigger the moves. The setback looks as corrective and due to some profit taking, after the Cable reached a 9-month high of 1.6259 Tuesday.

GBP/USD technical outlook

At time of writing, GBP/USD is trading around 1.6075, recording a 0.5% loss on the day. From a technical perspective, "yesterday's failure at 1.6234 signals, that a reversal is underway since Tuesday's 'pin bar' on the daily frame and my outlook here is negative, for a slide towards 1.6060, en route to 1.5950 support area", says Stoyan Mihaylov, analyst at "Initial intraday resistance is projected at 1.6190 and it will guard the bearish outlook today".
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