FXstreet.com (Buenos Aires) - GBP/USD Current Price: 1.6249. Breaking lower, pair remains clearly bearish in the hourly chart, breaking trough 1.6250 support zone. Indicators show limited upside correction might be over and pair is ready for another leg down, while bigger time frames indicators support the bias.
Daily charts show a head and shoulders formation, with neck line at current 1.6250 level, said Valeria Bednarik, collaborator at FXstreet.com. Clear break under and a pullback could trigger the figure formation and result in further Pound loses.
Support levels: 1.6200 1.6160 1.6120. Resistance levels: 1.6300 1.6340 1.6380.