GBP/USD: There is more room on the downside amid risk-aversion

GBP/USD has failed to shake off the bearish pressure. The pair is likely to suffer additional losses with safe-haven flows dominating the markets, FXStreet’s Eren Sengezer reports.

Technical outlook shows sellers retain control of cable’s action

“The risk-averse market environment is not allowing the British pound to find demand and the near-term technical outlook shows that there is more room on the downside for the pair.”

“On the downside, 1.1550 (static level, mid-point of the descending channel) aligns as first support ahead of 1.1500 (psychological level).”

“Resistances are located at 1.1600 (psychological level, upper-limit of the descending channel) 1.1650 (20-period SMA) and 1.1700 (psychological level, static level).”