FXstreet.com (Barcelona) - After pulling back on better than expected US GDP data from 1.6170 to 1.6223, Pound has continued with its weak note against Dollar and the pair has fallen around 70 pips during the American session to post new 6-week low at 1.6155. Currently the pair is trading around 1.6175/85.
Valeria Bednarik, FXstreet.com collaborator, comments: GBP remains weak and pushing lower, very close to yesterday's low at 1.6160. Technically the pair points for further losses with a probable target in the 1.5990 area, weekly 20 SMA. Hourly indicators support the bias, guided also by 20 SMA acting as dynamic resistance. Pair needs to confirm under 1.6160 to trigger downside momentum.
Bednarik provides us with her levels: Support levels: 1.6160 1.6110 1.6050. Resistance levels: 1.6220 1.6275 1.6310.