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GBP/USD resumes fall, hits fresh 1-year low

FXStreet (Córdoba) - GBP/USD dropped back below the 1.59 mark and hit a fresh 1-year low as the dollar advances versus European currencies, helped by US data and Draghi’s dovish comments.

GBP/USD bounced toward the 1.5925 area after a first downside attempt, but failed to hold above the psychological level and came under renewed pressure and fell to its lowest level in a year at 1.5860 in recent dealings.

GBP/USD technical levels

At time of writing, Cable is trading at 1.5865, recording a 0.23% loss on the day. As for technical levels, next supports could now be found at 1.5853 (Nov 12 2013 low), 1.5800 (psychological level) and 1.5775 (Sept 13 2013 low). On the flip side, immediate resistances are seen at 1.5925 (intraday level), 1.5996 (Nov 6 high) and 1.6014 (10-day SMA).

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