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GBP/USD key support at 1.6275 - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik comments that GBP/USD's key support is now at 1.6275, representing the 38.2% Fibonacci retracement level.

Key quotes

"As commented several times on these daily updates, the weakness Pound may see on dollar strength will be far less important than EUR or JPY one as the BOE is also expected to rise rates sooner than later."

"Technically, the 4 hours chart presents a mild bearish tone, with price below its 20 SMA and indicators heading lower into negative territory."

"Having held for most of these last two weeks above the mentioned Fibonacci level, a clear break below it is required to confirm a new leg down, eyeing then an approach to 1.6220 price zone, where the pair presents multiple intraday highs and lows."

"To the upside, the key resistance stands at 1.6340/50 price zone and approaches to the area may be seen as selling opportunities."

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