GBP/USD Forecast: fresh lows seen below 1.4900

The GBP/USD pair trades around its daily opening early in the European session, having been hovering in the lower half of Thursday's range during Asian hours. There has been no news in the UK to affect the Pound, and the pair will likely to trade in sentiment for the rest of this Friday.

The technical picture is clearly bearish, with the price developing far below its 20 SMA and the technical indicators resuming their declines below their mid-lines, after correcting the extreme oversold readings reached earlier this week. The pair set a weekly low at 1.4863, the probable bearish target on a break below the 1.4900 figure, with possibilities for an extension down to 1.4820, should the dollar continues to rise.

Sellers surged around 1.4950, now the immediate resistance, can see the pair recovering up to the 1.5000 region, where selling interest is expected to contain further rallies.

View the live chart of the GBP/USD

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