CN:Forex: GBP/USD, picking up, reaches 1.5975, day high
FXstreet.com (Barcelona) - Pound retreat from Friday's high at 1.6045 has extended during Asian session, and weighed by broadbased Dollar strength, the pair returned below 1.6000 to reach fresh 5-month lows at 1.5915, before picking up at London opening, reaching day highs at 1.5975.
On the upside, the pair might find resistance at 1.6000 (psychological area), and above here, 1.6045 (Jun 24 high) and 1.6080/90 (Jun 16/17 lows). On the downside, immediate support lies at 1.5915 (day low), and below here, 1.5820 (Jan 28 low) and 1.5750 (Jan 25 low).
On the longer -term, the pair maintains its bearish tone from 1.6546, says Slobodan Drvenica, technical analyst at Windsor Brokers, with focus on 1.5880: "Maintains bear tone off 1.6546, 31 May high, after bounce from key support at 1.5935 stalled at 1.6045. Subsequent weakness broke below 1.5935, to test levels near 1.5900, with focus on 1.5880, Fib 61.8% of 1.5343/1.6745 upleg, loss of which would confirm top at 1.6745 and open way for broader weakness."
