GBP/USD prints new 5-month low

By FXstreet.com | Updated August 24, 2014 AAA

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 unable to break 1.5680

  2. Forex News

    BoE under the spotlight - BAML

  3. Forex News

    GBP/USD keeps the range – FXStreet

  4. Forex News

    GBP/USD finds support ahead of 1.5600

  5. Forex News

    GBP/USD at day’s low as UK public sector net borrowing rises

Trading Center