FXstreet.com (Córdoba) - The pound came under pressure to start the week, weighed by strong risk aversion amid global growth concerns, with GBP/USD breaking below the 23.6% retracement of its 1.5267/1.6308 longer-term rally at 1.6063 and extending losses toward a fresh 1-month low.
GBP/USD was firmly rejected from above 1.6200 last Friday, and having dropped 180 pips ever since, it recently hit its lowest since Sep 11 at 1.6034. At time of writing, the Cable is quoting at the 1.6040 area, 0.6% below its opening price.
As for technical levels, immediate supports are seen at 1.6030 and 1.6000 ahead of 1.5985, while on the upside resistances could be found at 1.6065, 1.6100 and 1.6140.
GBP/USD was firmly rejected from above 1.6200 last Friday, and having dropped 180 pips ever since, it recently hit its lowest since Sep 11 at 1.6034. At time of writing, the Cable is quoting at the 1.6040 area, 0.6% below its opening price.
As for technical levels, immediate supports are seen at 1.6030 and 1.6000 ahead of 1.5985, while on the upside resistances could be found at 1.6065, 1.6100 and 1.6140.
