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GBP/USD trading at fresh 4 month lows - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik comments that following the string of disappointing data coming from the UK GBP/USD declined and is now trading at fresh 4 month lows.

Key quotes

"GBP/USD trades at fresh 4 month lows having reached today 1.6563 and with immediate static support at 1.6548, past April monthly low."

"The technical picture is still pretty bearish, with the 4 hours chart showing indicators steady near oversold levels unable to pick up, and 20 SMA offering dynamic resistance around 1.6650, also 200 DMA."

"As long as below this last, the downside is favored with a break below 1.6550 signaling a downward continuation towards the 1.6500 figure in the short term, while once below this last 1.6465, March 24th daily low comes next."

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