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GBP/USD: The downside prevails

The selling pressure on GBP/USD does not seem to abate with the bears dragging the pair back to the 1.60 area on Wednesday after the World Bank downgraded its outlook for the British economy. At 1.6017 at the time of writing, it appears there is a bit of a bear market squeeze at the moment. The 1.60 area is a key support area and we need to see a daily close below that level for a bear wave to be established. A consistent breakout of 1.60 would open the door for the next key support level at 1.58. In the alternative scenario, the 1.60 level could keep the prices lifted with an upside penetration of 1.6065 opening the door for 1.6105. Important economic data today comes from across the Atlantic with the US Jobless Claims and US Philadelphia Fed Survey among the most notable.

Dafni Serdari
Market Analyst
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