FXstreet.com (Córdoba) - The Pound lost momentum across the board and is falling sharply. GBP/USD tumbled more than 150 pips in the last hours. The pair collapse form 1.6376 to 1.6210 and currently trades at 1.6214/18, 0.42% below today's opening price. To the downside support lies at 1.6165 (daily low) and below at 1.6120 (Oct 8 high).
Valeria Bednarik, collaborator at FXstreet.com affirms: Upside movements could be consider corrective after last days´ fall. Recovery also has been stalled at the 61.8% retracement of last down leg in 4 hours charts, and indicators in the hourly seem exhausted to the upside and pointing for further falls after breaking also under the 38.2% of the mentioned rally. Crossing 20 SMA to the downside, pair could fell to 1.6160 lows if 1.6200 area gives up quickly.