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GBP/USD holds above 1.5900, for now

FXStreet (Córdoba) - GBP/USD broke below the 1.5950 area Tuesday and scored a fresh cycle low at the beginning of the American session as the greenback strengthens across the board against a cautious backdrop.

A series of disappointing Eurozone data contributed to ongoing concerns about global growth and boosted the dollar across the board. GBP/USD lost more than 150 pips throughout the day and hit a low of 1.5903, last seen November 13, 2013. At time of writing, Cable is trading at 1.5920, recording a 1.01% loss on the day.

GBP/USD technical levels


As for technical levels, if GBP/USD breaks below 1.5900, next supports could be found at 1.5877 (Nov 13 2013 low), 1.5864 (Nov 12 2013 low). On the other hand, resistances are seen at 1.6096 (intraday high), 1.6125 (Oct 13 high) and 1.6194 (21-day SMA).

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