After a short-lived bounce toward the 1.5935 area, the British Pound has resumed its downward move against the Dollar, falling back to the 1.5900 region.
GBP/USD had set a fresh 5-month low at 1.5881 at the beginning of the American session weighed down by risk aversion and tracking the Euro lower, although it managed to hold above the mentioned low which represents the 61.8% retracement of the 1.5345/1.6747 rally.
At time of writing, GBP/USD is trading at the 1.5900/05 where it is more than 100 pips or 0.67% below its opening price.
"Technical studies indicate that supports are located at the 21Day Lower Bollinger Level at 1.5850, followed by 1.5821 and then at 1.5750. On the other hand, resistance levels are seen at the 200DMA line at 1.6047 and then at the 21DMA line at 1.6101", said the Talking-Forex team.
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