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GBP/USD falls further, nears 1.6100

FXStreet (Córdoba) - GBP/USD came under renewed pressure at the beginning of the American session once investors attention left the European Central Bank.

Following a short-lived recovery that was capped by the 1.6175 zone, GBP/USD resumed the fall and broke below the 1.6130/25 zone, sliding to its lowest level since September 10 at 1.6111. At time of writing, GBP/USD is trading at 1.6125, recording a 0.36% loss Thursday and on track to post its seventh daily decline in a row.

GBP/USD technical outlook


“In the 4 hours chart the technical picture maintains a clear bearish tone, with 20 SMA below the 1.6235 Fibonacci resistance, tops in case of further gains”, said Valeria Bednarik, chief analyst at FXStreet. “A break below 1.6120 will increase the risk of a steady fall with immediate target at 1.6085”.

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