GBPUSD Hits A Six-Week Low

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The pound sterling continues to extend losses with price testing a six-week low on Thursday.

The declines came after a brief rebound saw prices stuck near the 1.3000 handle.

Failing to break out any higher, GBPUSD reversed direction breaking past the previous lows of 1.2885.

The current momentum in GBPUSD could see prices possibly testing the 1.2800 round number support next, followed by the 1.2750 handle.

With the Stochastics oscillators also now having further room to slip into the oversold conditions, we could expect more declines.

To the upside, the 1.3000 handle will serve as the resistance level for the moment.

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