Forex: GBP/USD erases intraday gains

FXstreet.com (Córdoba) - After reaching a daily high of 1.6141 at the beginning of the European session, the GBP/USD lost momentum and retraced completely its intraday gains as risk sentiment eased within the last hours.

GBP/USD retreated toward the 1.6110 zone, where the 100-hour SMA contained the slide, and as most crosses today, it is currently trading virtually unchanged since opening at the 1.6115 area.

From a technical view, Mohammed Isah, analyst at FXTechstrategy expects further upside offensive as GBP looks to retarget the 1.6168/72 levels. "A breach of here will turn attention to the 1.6215 level with a cut through here ending its broader bearish threats and opening up further offensive towards the 1.6350 level", he commented. "On the downside, support lies at the 1.6055 level where a break will turn focus on the 1.5900 level followed by the 1.5827 level".

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