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A story of diving Pound - to be continued

FXStreet (Moscow) - GBP/USD opened at 1.6790 and continued its disgraceful trip to the South early in Asia; GBP bears managed to push it to new multi-month lows of 1.6760 and the selling pressure is still strong.

No respite for GBP

GBP is in deep depression as it seems that there is nothing that can stop the bears from chancing the pair to new lows. The pair resumed the downside after a feeble recovery attempts failed at 1.6800 resistance. The technical picture looks gloomy enough to suspect that we may see the pair below the local support of 1.6750/40 area, moving towards 1.6710 and 1.6990 (200-day MA). It is a bit puzzling, but GBP/USD sell-off is not based on solid fundamentals. It seems that bears just used weak BRC retail sales monitor to start a new assault. Later during the day keep an eye at overall USD sentiments and GBP technical levels mentioned above.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6785, with support below at 1.6772, 1.6758 and 1.6745 with resistance above at 1.6799, 1.6812, and 1.6826. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.6843, and the daily 20EMA bearish at 1.6920. Hourly RSI is bearish at 34.

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