FXstreet.com (Barcelona) - GBP/USD was propelled further down as the European session gets underway. The pair had been previously stretching down all along the Asian time, as the printing pointed down right from the beginning, thus maintaining its downward corrective run.
The pair opened at 1.4992 on a bearish tonality after 2 previous days of falls. Following a daily high at 1.4974, the American Dollar rode down a waning Cable, as the pair headed lower to recently hit a new 4-day low at 1.4886. Current price popped up to 1.4905.
Carol Harmer, Technical Analyst at Charmer Charts.com suggested that “GBP is looking weaker from the med term charts, and the daily stochastics have turned bearish for this market. We are currently trading in the 1.4945 region and although short term 60 min charts do show oversold, I think any rally in this market should be sold into”.
