FXstreet.com (Córdoba) - After falling to a fresh 7-week low of 1.5954, the Cable managed to find buyers and erased most of its intraday losses during the American afternoon helped by the improvement in risk appetite.

After recovering nearly 50 pips, GBP/USD found a comfort zone at the 1.6000 area and has spent the last hours in quiet consolidation around that level, virtually unchanged since opening.

Slobodan Drvenica, analyst at Windsor Brokers Ltd comments that today's break below 1.6000 confirms negative near-term structure, as fresh weakness next target at 1.5960, Fib 76.4% of 1.5826/1.6380 rally and increases risk of test of psychological / 200 day MA support at 1.5900. "On the upside, day’s high at 1.6038, also Fib 38.2%, offers good barrier and only clear break here would delay immediate bears".