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GBP/USD retreats from above 1.6000

FXStreet (Córdoba) - GBP/USD managed to recover from daily lows but it lacked determination to decisively break above the 1.6010 zone, where it continues to meet resistance.

GBP/USD is staging a pullback from highs, having lost nearly 30 pips over the last minutes, to hit an hourly low of 1.5978. At time of writing, Cable is trading at the 1.5985 area, 0.07% below its opening price.

On the data front, US personal income rose 0.2% in September versus an increase of 0.3% expected, but personal spending declined by 0.2% against a rise of 0.1% forecasted.

GBP/USD short-term outlook

Valeria Bednarik, chief analyst at FXStreet notes GBP/USD holds a bearish tone in short-term charts. “Acceleration below 1.5950, should lead to a quick slide towards the 1.5910 price zone, while once below this latter, 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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