WIKIFX REPORT: GBP/USD Accelerates Lower, Euro Dives Below ParityGBP/USD Accelerates Lower, Euro Div

EUR/USD has extended its daily slide during the American trading hours and touched its lowest level in a month below. The British Pound failed to clear the 1.2250 resistance zone against the US Dollar. GBP/USD started a major decline and traded below the key 1.2000 support zone.

Taking look at the 4-hours chart, the pair settled below the key 1.2000 support, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours). There was also a break below a major bullish trend line with support near 1.2100. The decline gained pace below the 1.1850 support level. If the bears remain in action, the pair could dive further below 1.1750.

The next major support is near the 1.1700 zone, below which the bears may even aim a move towards the 1.1500 level in the coming days. On the upside, the pair is facing resistance near the 1.1850 level.

The next major resistance is near the 1.1910 level. A clear move above the 1.1910 resistance might send the pair higher towards the 1.2000 level. Looking at EUR/USD, the pair declined heavily below the 1.0000 support zone and there is a risk of more losses in the near term.