FXstreet.com (Córdoba) - The Pound is falling further against the Dollar and in the last hour fell below 1.6300 to 1.6268, reaching the a fresh one week low. GBP/USD is falling for the fourth consecutive day, accumulating a decline of more than 350 pips.
Currently the pair is trading around 1.6277/85, 1.02% below today's opening price action at 1.6445. To the downside support could be located at 1.6270 (Nov 27 low) and below at 1.6205/00.
The ecPulse.com analysis team affirms: The daily closing remained below 1.6495; where the cable was able to rid of positive momentum appearing on the stochastic since yesterday, through the bullish correction that it did after major bearish move. These signs make us expect a possible bearish intraday for today; targeting initially 1.6300 then 1.6230, where it is vital that the daily close remain below 1.6495 to maintain chances of the expected bearish direction to prevail.