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GBP/USD remains under pressure - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that GBP/USD dropped to a weekly low of 1.6155 on Thursday and that its strong static support area close to 1.6160 is being pressured.

Key quotes

"First test resulted in a shallow 15 pips bounce so far, with the pair having been rejected earlier on the day from the 61.8% retracement of its latest bullish run around 1.6235."

"The technical picture is quite bearish according to the 4 hours chart, with price developing below a bearish 20 SMA and indicators retracing from their midlines, getting back south into negative territory."

"The pair will likely follow EUR behavior today, albeit movements will be more limited, with an increasing risk of a break lower towards 1.6110 price zone as immediate bearish target."

"A break below this last exposes the pair to a full 100% retracement, down to 1.6051. A recovery on the contrary needs to see price establishing above mentioned 1.6235 price zone, to be able to extend up to 1.6280/90 price zone."

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