GBP/USD nose-diving – FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet, noted that the GBP/USD pair nosedived to a fresh year low of 1.5485.

Key Quotes:

“Weighted by GDP readings both sides of the Atlantic: in the UK, Q3 GDP came out at 0.7%, dragging the YoY reading down to 2.6%, below estimates of a 3.0%”.

“Better-than-expected US readings highlighted the imbalance between both economies, being the final trigger for the pairs’ slump”.

“As the US session comes to an end, the GBP/USD 1 hour chart shows that the price is developing well below its 20 SMA, whilst RSI reached 18 before correcting some, now again turning lower in oversold levels”.

“In the 4 hours chart technical indicators maintain a strong bearish momentum well into negative territory, all of which supports further declines”.

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