GBP/USD extends decline under 1.4200

By FXStreet The pound is among the worst performers in the currency market on Tuesday, erasing yesterday’s gains versus the US dollar and the euro. GBP/USD dropped further below 1.4200 during the American session and reached at 1.4120, a fresh 1-week low while EUR/GBP trades at 1-year highs above 0.8030.

Cable is attempting to move off lows and trades at 1.4150/55, a hundred pips below the level it closed yesterday.

GBP/USD levels to watch

The pair remains weak as it consolidates below Thursday’s lows. To the downside the next key support could be seen around 1.4040/50 (Mar 16 and 24 low); but a daily close under 1.4100 could add bearish pressure to the pair.

To the upside, GBP/USD needs to rise back above 1.4300 to remove some negative momentum. The key level continues to be around 1.4500, where the 20-week moving average stands, also the mentioned area limited the upside during the previous months.
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Source:: FX Street