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GBP/USD settling in below the pivot

FXStreet (Barcelona) - GBP/USD is trading at 1.6117, down -0.31% on the day, having posted a daily high at 1.6228 and low at 1.6104.

GBP/USD has come back into line the pivot and is looking to settle up for the week here mid ranged and in neutral territory without there being anything major left on the docket as a possible catalyst. “Near term strength is viewed as corrective only and below 1.5950 we will simply allow for another leg lower to take hold and look for losses to 1.5721 the 61.8% retracement of the move from 2013, explained Karen Jones, chief analyst at Commerzbank.

GBP/USD noteworthy levels

Spot is presently trading at 1.6118, and next resistance can be seen at 1.6134 (Hourly 200 SMA), 1.6161 (Hourly 20 EMA), 1.6168 (Weekly High), 1.6168 (Daily Open) and 1.6183.

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