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Forex pairs in this Article » GBP/USD
FXstreet.com (Córdoba) - The GBP/USD managed to find buyers and held above last week's low after dollar recovery dragged the pair back below 1.5950.

The GBP/USD had enjoyed a quick rally to above 1.6000 after the higher than expected CPI data but failed to sustain gains and fell all the way down to 1.5914, where it found support, just 1 pip above Oct 10 trough.

GBP/USD technical outlook

At time of writing, GBP/USD is trading at the 1.5940 area, still down 0.3% on the day. From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that GBP/USD maintains a strong bearish tone in short-term charts and a break of 1.5905 should trigger astronger slide, eyeing 1.5860 first and 1.5770 as final target for the bearish move.

"Immediate resistance stands around 1.5960 and as long as below, bears will keep control", says Bednarik. "A recovery above it however, may see price attempting to retest 1.6000 price zone although further gains are not yet seen".
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