FXstreet.com (Barcelona) - GBP has stopped its drop against USD at 1.4270, fresh intra-week low, and the GBP/USD is back above the 1.4300 level. Currently, the pair is trading around 1.4330/40.
GBP/USD has fallen around 220 pips from 1.4496, in the early European morning, to reach the fresh intra-week low at 1.4270. Then, GBP/USD has been rebounded to 1.4350/60 band. Since the beginning of the trading session day, Cable has lost 0.91% from the 1.4462 opening price.
According to Valeria Bednarik, FXstreet.com collaborator, GBP/USD is inside a corrective movement: The pair has completed a perfect pullback to a daily descendant trend line coming from past December high of 1.5722. With indicators exhausted, the corrective movement already developed here. Only above 1.4360 the pair could extend that movement. At the moment, further selling pressure is seen.
Bednarik provide us with her levels: Support levels: 1.4300 1.4265. 1.4210. Resistance levels: 1.4360 1.4391 1.4440