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GBP/USD under strong selling pressure - FXStreet

FXStreet (Łódź) - As FXStreet Chief Analyst Valeria Bednarik points out, despite the better than expected UK trade numbers for August released in the European morning, GBP/USD is falling on Friday.

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"The pair accelerated south with the European opening, breaking through 1.6100, having extended as low as 1.6043 so far on the day."

"The 4 hours chart shows 20 SMA well above current price and indicators crossing their midlines to the downside, signaling some further declines: recent lows in the 1.6030 price zone comes as immediate support, with a break below it probably seeing a downward acceleration towards 1.5980/90 price zone."

"To the upside, 1.6090 comes as immediate resistance, as per being the 23.6% retracement of the latest bearish run, yet some steady gains above 1.6110 are required to confirm a recovery, eyeing then 1.6160 price zone."

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