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.

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