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GBP/USD trading slightly below 1.6000 - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that after hitting a high at 1.6014 on Friday, GBP/USD is again trading below the critical 1.6000 level.

Key quotes

"The technical picture remains quite bearish, as mentioned spike up to 1.6038 was rejected by a key Fibonacci resistance, the 50% retracement of the 1.5874/1.6184 rally."

"Even further, the pair has extended its decline below the 61.8% retracement of the same rally at 1.5995, level that capped the upside all of this Friday."

"In the 4 hours chart, indicators turned back south well into negative territory and after correcting oversold readings, while 20 SMA extended its bearish slope above current price."

"A downward acceleration below 1.5950, should lead to a quick slide towards the 1.5910 price zone, while once below this last, October low of 1.5874 comes as next bearish target."

"Up to 1.6030/40 Fibonacci area, sellers will maintain the lead: it will take a firmer advance beyond it to confirm a reversal in the pair, quite unlikely, yet short term pointing then to 1.6060/80 price zone."

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