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GBP/USD erases gains, retreats to 1.6060

FXStreet (Córdoba) - Cable weakened across the board after the beginning of the American session. GBP/USD found resistance at 1.6100 and turned to the downside. Recently bottomed at 1.6061, reaching the lowest price since the Asian session.

The pair remains near the 1.6060 area, testing daily lows as cable remains under pressure.

GBP/USD technical outlook

Valeria Bednarik, Chief Analyst at FXStreet notes that GBP/USD trades around the 23.6% retracement of the latest daily bearish run, unable to set a clear direction either side of it.

“Despite a daily high of 1.6126, the pair has been unable to sustain gains beyond current price zone, and the 1 hour chart shows price hovering around its 20 SMA while indicators hold near their midlines, leaving a short term neutral tone”, says Bednarik.

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