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GBP/USD breaks below critical 1.6000 level - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that GBP/USD broke below the critical 1.6000 level on Friday and continued dropping after the US opening.

Key quotes

"The 1 hour chart shows 20 SMA capped the upside earlier on the day, with indicators heading strongly south into oversold territory, while the 4 hours chart also presents a strong bearish momentum."

"Pullbacks can extend up to 1.6050 former lows, yet if price remains below 1.6000, the downward extension may approach 1.5600 price zone next week."

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