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Forex: GBP/USD erases weekly gains

The Cable came under strong pressure during the New York session Friday, and having dropped over 160 pips throughout the day and broken several support levels, it recently printed a low of 1.5706.

GBP/USD erased on Friday all weekly gains that it had obtained with great effort, mainly weighed by the EUR/GBP rise. GBP/USD is currently trading at the 1.5710/15 zone, down 0.9% on the day and on track to close the week with a 0.6% loss.

As for technical levels, immediate supports are seen 1.5700, 1.5675 (low Jan 28) and 1.5650. On the other hand, resistances could be found at 1.5775 (100-hour SMA), 1.5800 (psychological level) and 1.5850.

Forex Flash: GBP/USD correction points to the 1.5620 region – Commerzbank

The sterling is intensifying its correction lower at the end of the trading week, threatening to breach the key support at 1.5700 after climbing as high as the proximities of 1.5880 during the European...
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