Forex: GBP/USD: Pound's retreat from 1.6000 extends to day low

Pound's retreat from 1.6000 area has extended on early U.S. session as the pair broke below 1.5920 to day low levels right above 1.5900.

The Pound continues biased to the downside, according to the Kshitij Consultancy Service Team, following the "H&S" confirmation, targeting 1.55-56: "Cable is still in a downtrend following the S-H-S confirmation targeting 1.50-51 theroetically and 1.55-56 realistically. There's Support at 1.5574 (55-week MA) and 1.5441 (200-DMA) for the week. Look for some stability near 1.55-1.56 region."

On the upside, the Kshitij Consultancy Service Team, observes room for a squeeze to 1.61 or 1.62 before turning downwards: "In the near term, may rise towards 1.61 or 1.62 and then come down towards the longer term supports in the 1.55-56 region."