FXstreet.com (Barcelona) - Having opened marginally below 1.5900 overnight, spot largely ranged with an upside boas in an attempt to establish itself above the round number before selling off sharply this morning.
Richard Lee, Independent Analyst for FXStreet.com notes that with the penetrations of 1.5959 support, GBP/USD has opened itself up to a bearish bias. He now sees medium term support at 1.5761 and believes that any positive retracement will likely be held at bay by looming resistance at 1.6000. The analysts at Danske Bank are bearish on the pair and recommend selling at 1.5930, with a stop at 1.5965, for a target of 1.5826.
Elsewhere, Asian stocks closed lower whilst European futures are up and commodities are mixed ahead of the European open
Richard Lee, Independent Analyst for FXStreet.com notes that with the penetrations of 1.5959 support, GBP/USD has opened itself up to a bearish bias. He now sees medium term support at 1.5761 and believes that any positive retracement will likely be held at bay by looming resistance at 1.6000. The analysts at Danske Bank are bearish on the pair and recommend selling at 1.5930, with a stop at 1.5965, for a target of 1.5826.
Elsewhere, Asian stocks closed lower whilst European futures are up and commodities are mixed ahead of the European open
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