The GBP/USD remains under pressure, with the pair establishing a lower low for the week at 1.6155, and pressuring the strong static support area around 1.6160. First test resulted in a shallow 15 pips bounce so far, with the pair having been rejected earlier on the day from the 61.8% retracement of its latest bullish run around 1.6235.
The technical picture is quite bearish according to the 4 hours chart, with price developing below a bearish 20 SMA and indicators retracing from their midlines, getting back south into negative territory. The pair will likely follow EUR behavior today, albeit movements will be more limited, with an increasing risk of a break lower towards 1.6110 price zone as immediate bearish target. A break below this last exposes the pair to a full 100% retracement, down to 1.6051. A recovery on the contrary needs to see price establishing above mentioned 1.6235 price zone, to be able to extend up to 1.6280/90 price zone.
View Live Chart for GBP/USD
The technical picture is quite bearish according to the 4 hours chart, with price developing below a bearish 20 SMA and indicators retracing from their midlines, getting back south into negative territory. The pair will likely follow EUR behavior today, albeit movements will be more limited, with an increasing risk of a break lower towards 1.6110 price zone as immediate bearish target. A break below this last exposes the pair to a full 100% retracement, down to 1.6051. A recovery on the contrary needs to see price establishing above mentioned 1.6235 price zone, to be able to extend up to 1.6280/90 price zone.
View Live Chart for GBP/USD
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