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Forex pairs in this Article » GBP/USD (Córdoba) - The GBP/USD extended weakness during the European session and broke below the 1.6400 mark as the pair corrects recent gains.

The pound is among the worst performers Wednesday, falling for first time this week, after hitting a fresh 2-year high of 1.6465 the previous day. The GBP/USD has dropped more than 80 pips throughout the day and it is currently trading at the 1.6375 area, 0.4% below its opening price, having scored a low of 1.6374.

GBP/USD technical perspective

"A daily ascendant trend line coming from 1.5877 offers now support around 1.6360, key intraday level as price acceleration below it should trigger a deeper downside correction, eyeing then past week lows around 1.6290", says Valeria Bednarik, chief analyst at "If price however bounces from the mentioned trend line, price may attempt to recover again above the 1.6410 mark, looking then for a short term rally towards 1.6450/60 price zone".
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