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GBP/USD slumps to 1.5950

FXStreet (Edinburgh) - The sterling is now suffering the USD strength, with GBP/USD testing multi-day lows in the mid-1.5900s, levels last seen in mid-October.

GBP/USD next support at 1.5900

The greenback is extending its upbeat momentum following the hawkish tone from the FOMC meeting on Wednesday, hurting the risk-associated assets and sending spot on a possible way to test ytd lows around 1.5900 the figure. “Below 1.5950 leaves the 1.5874 mid October low exposed. We continue to target the 1.5855 November 2013 low. Beyond this we look for losses to 1.5721 the 61.8% retracement of the move from 2013”, argued Karen Jones, Head of FICC Technical Analysis at Commerzbank.

GBP/USD levels to consider

At the moment the pair is losing 0.23% at 1.5964 with the immediate support at 1.5940 (low Oct.16) ahead of 1.5875 (2014 low Oct.15). On the flip side, a breakout of 1.6038 (high Oct.30) would expose 1.6066 (21-d MA) and finally 1.6182 (high Oct.28).

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