FXstreet.com (Barcelona) - After falling 90 pips in the last hour, Pound has fallen against Dollar to break 1.6185 and post fresh 7-week low at 1.6140 on the back of risk aversion has turned back to the market and Wall Street is posting losses after attempting to recover from weak opening.
Currently, GBP/USD is trading around 1.6160/70, 0.75% below today's opening price action.
Sam Shenker, analyst at TradeTheNews, expects further falls on GBP/USD: The British Pound remained under pressure as pair continued to test support at 1.6246, a 23.6 Fib of the 1.3656-1.7062 Sterling rally. A further move to the downside would likely see the greenback longs push the pair below the psychologically important 1.6000 handle, a level defended at 1.5984, a July monthly pivot low, with further sustained momentum seeing dollar longs testing bids at 1.5802, a June monthly pivot low. Further support seen at 1.5751, a key 38.2 Fib of the 1.3656-1.7046 GBP rally.