Currency Analyst since 2010

GBP/USD is correcting down

GBP/USD is correcting down from its highly overbought levels after it rallied by more than 250 pips on Wednesday. Pound reached 8-month maximum at $1.6162 yesterday and is now trading by almost 100 pips below this level as UK retail sales unexpectedly dropped in August (-0.9% vs. +0.4% expected).

Support is at $1.6060, $1.6027 and $1.6000. Resistance is at $1.6160, $1.6178 and $1.6200.  

Chart. H4 GBP/USD

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