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GBP/USD extends losses into a fourth straight day

FXStreet (Córdoba) - GBP/USD recovered some ground after posting 2-week lows, but overall the negative sentiment toward the pound remains in place.

GBP/USD has shed more than 450 pips since last Friday and it remains on track to post its fourth loss in a row, becoming one of the worst performers in the FX space. Cable bottomed out at 1.5220 but with the subsequent bounce capped by the 1.5260 area, it was confined to a consolidative phase. At time of writing, GBP/USD is trading at 1.5242, 0.76% below its opening price.

GBP/USD technical view

“Short term, the pair is still in risk of further declines, as the 20 SMA extended its decline and now provides an immediate resistance around 1.5300, whilst the technical indicators have stabilized well below their mid-lines, following a correction of extreme oversold levels”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical indicators are posting tepid bounces from oversold readings, rather suggesting some consolidation ahead than signaling an upward movement under way”.

Support levels: 1.5220 1.5185 1.5150. Resistance levels: 1.5300 1.5340 1.5360.

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