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GBP/USD strongly down since early opening - FXStreet

FXStreet (Barcelona) - FXStreet Chief Analyst Valeria Bednarik points out that GBP/USD has been extending losses on Wednesday which accelerated after the poor UK Services data for October.

Key quotes

"The GPB/USD posted a daily low of 1.5876, two pips above the year low posted mid October, and trades steady a few pips above it."

"Technically the 4 hours chart shows a strong bearish momentum with RSI reaching 30 and a long bearish candle extending below 20 SMA reflecting the high selling interest."

"Another downward acceleration now through mentioned year low should see the pair extending its decline down to 1.5830 price zone, September 12th 2013 daily high, with next support once below at 1.5780."

"Upward corrections un to 1.5930/50 price zone are likely to attract sellers, with only steady gains above the highest, not seen for today, reverting the bearish tone of the pair."

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