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Forex pairs in this Article » GBP/USD (Córdoba) - The GBP/USD trimmed some of its daily losses during the New York session as the greenback lost momentum following the latest string of US data.

GBP/USD confined to a range

The GBP/USD halted its decline a few pips above its 10-day SMA which converges with the 200-hour SMA at the 1.5950/55 zone, and recovered some ground over the last hour or so. However, the pair lacked follow-through and stalled at the 1.5990 zone being consequently confined to a phase of consolidation. At time of writing, GBP/USD is trading at 1.5985, 0.3% below its opening price.

GBP/USD technical outlook

“The GBP/USD broke below the daily ascendant trend line coming from September 6th low, accelerating all the way down to 1.5954, and completely erasing post FED decision gains”, said Valeria Bednarik, chief analyst at who added that the pair holds a bearish tone in short-term charts, with recoveries up to 1.6000 seen now as corrective.

The analyst places next support levels at 1.5950, 1.5920 and 1.5880, while she sees resistances at 1.5990, 1.6025 and then 1.6060.
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