Forex: GBP/USD extends decline to 1.6400 as fresh 1-week low

The Sterling has continued with its today's drop against the Greenback on the back of the King's morning comments and the better than expected US today's data. GBP/USD has fallen 260 pips since the early European session from intraday high at 1.6660 to test 1.6400 and trade at 1-week low levels.

Currently the pair is trading around 1.6520/30, 0.90% below today's opening price action at 1.6578.

“Strong fall in Gbp, halted around static support zone around 1.6440, suggest some upside correction before another attempt to break lower, as hourly indicators reached oversold conditions. Bigger time frames turned bearish yet 200 EMA in 4 hours charts, around mentioned 1.6440 is capping the downside. We need to see the pair clearly under to call for further downside movements here.”

Bednarik provides us with her levels: “Support levels: 1.6440 1.6400 1.6370. Resistance levels: 1.6480 1.6520 1.6550.”