GBP/USD - Extended Its Losses and Slipped Below Our Suggested Target at 1.314 - 10/06/2017 (GMT)

Sterling has been traded lower and posted a sharp bearish movement against the greenback on Thursday, as was hit hard by U.K. political issues and the U.S. dollar strength. The GBP/USD pair plummeted 1% in just one trading period, driving the price below our suggested target at 1.3145 (see technical analysis here: http://bit.ly/2xf66Gr) and the 50-day SMA, losing more than 100 pips. The next level to have in mind is the 1.3000 critical psychological level, but the price needs to go through the 100-day SMA.

On the short-term timeframe, the technical indicators are strengthening its downward movement. The RSI indicator is falling with strong momentum after the bounce off the overbought zone. In addition, the MACD oscillator is posting a descending run near its mid-level.