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GBP/USD remains in negative territory

FXStreet (Barcelona) - GBP/USD is trading at 1.6025, up 0.32% on the day, having posted a daily high at 1.6041 and low at 1.5954.

Despite the fact that GBP/USD has made an attempt to move out of the negative territory set in place at the end of last weeks business, Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank suggested that the violence of Friday’s collapse, the breaking of the Scottish independence vote low of 1.6052, combined with today’s pattern, still warns of strong downside momentum against GBP till. Her technical readings for the pair are bearish. “GBP drops firmly back into sell territory, with all signals shifting lower again. Support lies at 1.5944, followed by 1.5900; resistance comes in at Friday’s open of 1.6145." Meanwhile, Karen Jones, chief analyst at Commerzbank offers a bearish outlook at these levels. “The daily chart has a downtrend at 1.6372 and while capped here it remains directly offered”.

GBP/USD noteworthy levels

Spot is presently trading at 1.6026, and next resistance can be seen at 1.6041 (Daily High), 1.6071 (Weekly Classic PP), 1.6105 (YTD Low) and 1.6106 (Daily Classic R1). Support below can be found at 1.6001 (Hourly 20 EMA), 1.5974 (Weekly Low), 1.5958 (Daily Open) and 1.5954 (Daily Low)

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