GBP/USD managed to hold above 1.6300 on Monday, dipping into the 1.6295 zone before a slight bounce to close the session at 1.6318, around 150 pips below its starting price. In Asia, the bearish tone remains intact and the pair has broken below 1.6300, extending its decline into the 1.6270 area where it has encountered support at the 20−day EMA.
According to Valeria Bednarik, Chief Analyst at FXstreet: “although the pair enters Asian session with a slightly negative tone: hourly chart shows price unable to overcome 1.6335 immediate resistance zone, while indicators remain below their midlines yet aiming higher. Bigger time frames, show 1.6200/1.6475 range mostly intact, with 4 hours momentum flat as well as 20 SMA, lacking clear direction,” she explains.
At the time of writing, GBP/USD is respecting support at 1.6270 but is still under pressure in Asia, last quoted in the 1.6285 area, around 35 pips below its starting price. To the downside, Ms. Bednarik finds support at 1.6250 and 1.6210, while, to the upside, resistance levels lie at 1.6335, 1.6370 and 1.6420.
At the time of writing, GBP/USD is respecting support at 1.6270 but is still under pressure in Asia, last quoted in the 1.6285 area, around 35 pips below its starting price. To the downside, Ms. Bednarik finds support at 1.6250 and 1.6210, while, to the upside, resistance levels lie at 1.6335, 1.6370 and 1.6420.
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