FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that the GBP failed to respond to positive UK Construction PMI data released in the European morning and is trading a few pips above the multi-week low of 1.6802.

Key quotes

"The 4 hours chart shows indicators still heading south despite in oversold levels, while 20 SMA presents a strong bearish slope well above current price."

"The immediate resistance stands at 1.6860, and bearish pressure will remain intact as long as below it, with a price acceleration below mentioned 1.6802, signaling a downward continuation towards 1.6760 price zone."

"A recovery above 1.6860 on the other hand, may see the upward corrective movement extending towards 1.6900 area, yet only above 1.6940 the pair will lose the bearish tone and be ready to resume the upside. "

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