Forex: GBP/USD erases intraday gains (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".

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.