GBP/USD broke below support in the 1.6175 area on Wednesday to hit fresh 3-week lows at 1.6121. In Asia, the pair has extended its decline by 10 pips, hitting prices not seen since the 20th day of July.
Technically, ?Hourly chart shows lower lows and 20 SMA heading south while in 4 hours chart the bearish momentum is also strong, supporting further slides in the cross, with 1.6020 now at sight,? comments Valeria Bednarik, Chief Analyst at FXstreet.com.
At the time of writing, GBP/USD has bounced higher but remains under slight pressure, last quoted in the 1.6125 price zone, down from 1.6129. To the downside, support levels lie at 1.6110, 1.6065 and 1.6020. To the upside, resistance levels lie at 1.6155, 1.6180 and 1.6210.
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Source: http://www.fxstreet.com/news/forex-news/article.aspx?storyid=3491d47f-ce02-4675-8ef4-9249cc5cb092
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