FXStreet (Bali) - Further strengthening of the USD in interbank trading activity has allowed the GBP/USD to set a new 5-month low at 1.6535, as specs long GBP continue to run for the exits.

As Valeria Bednarik, Chief Analyst at FXStreet, notes: "The hourly chart shows price almost filled the gap before resuming the downside, with 20 SMA capping the upside around 1.6580 and indicators maintaining a strong bearish slope."

"In the 4 hours chart technical readings present a strong bearish tone as seen on previous updates, favoring now a steady decline towards 1.6465, March this year monthly low", Valeria adds.

You May Also Like

Related Forex Analysis
  1. Forex News

    GBP/USD drops to session low of 1.5376

  2. Forex News

    GBP/USD retesting 1.5400

  3. Investing

    GBP/USD Forex signal May 27, 2015

  4. Forex News

    GBP/USD: has the market topped? – Commerzbank

  5. Forex News

    GBP/USD off highs near 1.5420

Trading Center