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GBP/USD remains capped below 1.6000

FXStreet (Córdoba) - GBP/USD started the week confined to a narrow range, after hitting fresh 11-month lows on the back of stronger than expected US nonfarm payrolls.

GBP/USD retested Friday’s lows earlier on the day but the 1.5950 area contained the downside once again. However, upside attempts have been capped by the 1.5990 zone so far, lagging the euro recovery versus the dollar. At time of writing, GBP/USD is trading at 1.5978, 0.14% below its opening price and trading is expected to remain quiet, with no major data scheduled from the UK and the US.

GBP/USD technical outlook

“Technically, the 4 hours chart maintains the bearish bias, with 20 SMA well above current price and indicators turning flat in oversold territory; the 1.6000 psychological figure has become the first barrier to the upside, yet a recovery above the level, up to 1.6050 will hardly affect the dominant bearish trend”, said Valeria Bednarik, chief analyst at FXStreet. “Further slides below mentioned low of 1.5950 on the other hand, should see the slide extending down to 1.5900/10 price zone”.

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