The British Pound plummeted against its American rival with the European opening, extending the decline down to 1.5139, a fresh 2-week low. The pair is recovering partially from the level, but the overall technical stance is bearish, given that the price is well below the 20 SMA, whilst the technical indicators are barely bouncing from oversold readings.
The decline has stalled around the 23.6% retracement of the latest weekly decline, with additional slides below it supporting a quick test of the 1.5100 level, in route to the 1.5060 region later on today. To the upside, the pair seems well limited now, with selling interest aligned around 1.5210, the 38.2% retracement of the same decline.
View the live chart of the GBP/USD
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