FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that GBP/USD is trading close to the 4 month low following the release of disappointing UK Retail Sales and PSNB data in the European morning.

Key quotes

"Nevertheless, the pair maintains a bearish tone, at least in the short term, with the hourly chart showing indicators turning back south in negative territory after testing their midlines, and price stuck around an also bearish 20 SMA."

"In the 4 hours chart the technical stance is also bearish, with 1.6545, April this year low, as critical support to break to see further downward potential."

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