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GBP/USD slightly up after drop to 1.5995 low - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that GBP/USD, which fell to a daily low of 1.5998 following poor UK Retail Sales data is climbing again in the US session.

Key quotes

"It's maintaining a pretty negative short term tone according to the 1 hour chart: indicators aim slightly higher below their midlines, but 20 SMA caps the upside with it strong bearish slope."

"In the 4 hours chart, technical readings present a strong bearish bias, with the pair quoting around the 50% retracement of its latest bullish run."

"The 61.8% retracement of the same rally stands at 1.5995, meaning a break below it should lead to further falls with an initial target at 1.5940/50."

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