FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik comments on today's GBP/USD drop by nearly 60 pips to 1.7035, saying that there was with no trigger behind the move.



Key quotes



"The pair maintains a strong bearish tone according to the hourly chart that shows indicators almost vertical getting into oversold territory, as 20 SMA gains bearish slope."



"In the 4 hours chart the technical picture is also quite bearish, with 200 EMA standing in the 1.7020 price zone now immediate support."



"A break below it should lead to a continued slide albeit some buyers are expected to surge in the area. "



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