This is what the analysts have to say about the major currency pair in the near-term:
FXstreet quotes Mizuho Corporate Bank as saying that GBP/USD would stay in a trading range between 1.5650 and 1.6100.
“Holding unsteadily inside the daily Ichimoku ‘cloud’, above 61% first Fibonacci retracement support, looking for direction as demonstrated by yesterday’s ‘doji’. More of the same today,” the site says in its intraday analysis.
Forexcycle, for its part, notes that the pound’s fall from 1.6298 extended further to as low as 1.5741 level.
The realtime forex news site adds, “Deeper decline towards 1.5649 previous low support is still possible later today. Resistance is at 1.5840, as long as this level holds, downtrend from 1.6093 will continue.”
Meanwhile, Precise Trader comments that the hourly trend has been in a range trading with no price targets and the patterns are suggesting a choppy session until the break.
“1.5835-75 are the critical levels to watch to maintain the bearish outlook,” it recommends to FX traders.