GBP/USD extends slide to one-month lows near 1.2250

Pound remains under pressure, while US dollar recovers.
GBP/USD tumbles below 1.2300 while EUR/GBP soars above 0.9100.

Matías Salord FXStreet

The GBP/USD pair dropped further after the beginning of the American session amid a recovery of the US dollar across the board. It bottomed at 1.2251, the lowest level since May 28.

The pound was already lower versus the US dollar and the decline gained speed after the rally in EUR/GBP above 0.9100. The slide of the last hour in GBP/USD was driven by a rebound of the US dollar. The Brexit saga and speculations about negative rates in the UK are affecting the pound. A new round of talks between the UK and the EU started today.

The DXY bottomed earlier at 97.11 and now it is hovering around 97.50, modestly higher for the day. The move higher gained speed as equity prices in Wall Street extend gains and following US economic data. Pending Home Sales jumped more than 40%, above expectations in May, while the Dallas Fed Manufacturing Index climbed to -6.1, against expectations of a reading of -59.

Technical levels

The negative tone in GBP/USD was reaffirmed after it broke under 1.2300. The immediate support stands at 1.2240 followed by 1.2200. A recovery above 1.2330 could alleviate the bearish pressure.

GBP/USD

Overview
Today last price	1.2274
Today Daily Change	-0.0062
Today Daily Change %	-0.50
Today daily open	1.2336

Trends
Daily SMA20	1.2545
Daily SMA50	1.2416
Daily SMA100	1.2484
Daily SMA200	1.2691

Levels
Previous Daily High	1.2437
Previous Daily Low	1.2314
Previous Weekly High	1.2543
Previous Weekly Low	1.2314
Previous Monthly High	1.2601
Previous Monthly Low	1.2076
Daily Fibonacci 38.2%	1.2361
Daily Fibonacci 61.8%	1.239
Daily Pivot Point S1	1.2288
Daily Pivot Point S2	1.224
Daily Pivot Point S3	1.2166
Daily Pivot Point R1	1.241
Daily Pivot Point R2	1.2485
Daily Pivot Point R3	1.2533

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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