FXstreet.com (Buenos Aires) - GBP/USD Current Price: 1.6122. Testing yesterday's low, pair remains strongly bearish both in 1 and 4 hours charts. 20 SMA with a strong bullish slope and well above price suggest downside rally could extend under 1.6110 area, following more risk aversion and falling stocks than technical perspective: over extended to the downside, indicators point for some upside correction, thus does not seem likely at this point.

Next support comes at the 1.6060 area, ahead of 1.6020, from where an upside corrective movements seem more likely as the pair continues falling. Upside corrections should remain capped by the 1.6220/50 area, to keep downside trend alive, said Valeria Bednarik, collaborator at FXstreet.com.

Support levels: 1.6110 1.6060 1.6010. Resistance levels: 1.6180 1.6220 1.6250.

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