FXstreet.com (Córdoba) - The pound has extended its slide against the dollar as this latter benefited from the risk-off mood that dominates markets in the wake of negative economic data and disappointing earnings reports.
GBP/USD fell over 90 pips throughout the day after being rejected from the 1.6020 zone, and having taken several support levels, it recently printed a fresh 6-week low of 1.5920, last seen early Sept.
At time of writing, GBP/USD is quoting barely above recent trough, at the 1.5930 zone, where it records a 0.5% loss on the day. "In the 4 hours chart technical readings are also strongly bearish, with 20 SMA also capping the upside around 1.6010", says Valeria Bednarik, chief analyst at FXstreet.com. "Current movement targets in the short term 1.5920 immediate support; once below the path is open for a retest of 1.5840 over the upcoming sessions".
GBP/USD fell over 90 pips throughout the day after being rejected from the 1.6020 zone, and having taken several support levels, it recently printed a fresh 6-week low of 1.5920, last seen early Sept.
At time of writing, GBP/USD is quoting barely above recent trough, at the 1.5930 zone, where it records a 0.5% loss on the day. "In the 4 hours chart technical readings are also strongly bearish, with 20 SMA also capping the upside around 1.6010", says Valeria Bednarik, chief analyst at FXstreet.com. "Current movement targets in the short term 1.5920 immediate support; once below the path is open for a retest of 1.5840 over the upcoming sessions".
