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GBP/USD hovering around 1.6685

FXStreet (Córdoba) - The GBP/USD stabilized after falling to 1.6655, 4-month low and during the last hours it has been steady, trading around 1.6685, around the same price it had at the beginning of the day.

“UK markets continued to test how far they want to stretch the shakeout from yesterday, as GBPUSD briefly traded below the 200dma before bouncing higher while short sterling has rallied further, removing another 4-5bps in tightening expectations to Dec16”, said Richard Kelly, Head of European Rates and FX Research at TD Securities.

The pair remains flat after falling almost 130 pips yesterday, the worst day in months and today is stabilizing. The dominant trend is still bearish but short term technical indicators show oversold readings.

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