FXstreet.com (Córdoba) - The Pound is extending its decline against the Dollar during the American session. After the release of better-than-expected housing data in the U.S., GBP/USD fell to 1.5950 reaching a fresh 2-month low. Currently trades at 1.5955/60, 0.48% below today's opening price. The pair is falling for the fourth consecutive day.
Valeria Bednarik, collaborator at FXstreet.com, affirms: Still weak, Pound bottomed around 1.5970 support area, still unable to regain upside strength. Hourly charts show price under 20 SMA and a bearish momentum, while pair already corrected previous downside spike. As long as under 1.6060, pair bias remains intraday bearish. Break under 1.5970 area will likely trigger further falls.
Existing Home Sales have increased well beyond expectations in the U.S. in November, 7.4% up to an annual rate of 6.54 million units, instead of the 6.31 million annual rate expected by market analysts.