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GBP/USD Forecast: Fresh multi-year low, more to come

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The British Pound is accelerating its decline this Thursday, as the greenback trades broadly higher across the board. The GBP/USD has briefly broke below 1.4565, last May 2015 monthly low, and trades around  the level reaching a fresh 5-year low, given that the pair has not been around here since June 2010.

There has been no certain catalyst for this latest decline, although a series of bad news are taking their toll on the GBP. First, the UK house prices surged 1.7% in December, according to Halifax, and fears of a housing bubble have resurged among investors, not to mention that this delays further any possible rate hike in the UK. Second, Chinese stocks plummeted again, leading to another suspension in trading and dragging the FTSE100 lower, down over 2% at the beginning of the day. Finally, uncertainty over the looming UK referendum on EU membership has been affecting the UK currency, as fears over economic weakness contagion rise.

The pair is positing a tepid bounce from the level, and the technical readings in the 4 hours chart support further declines, as per heading lower near oversold territory. In the same chart, the 20 SMA caps allies around 1.4660. Should the decline accelerate below 1.4550, the pair can fall down to 1.4490, although the risk of a strong upward bounce around this last is high.

The pair shows no aims to turning north, yet a recovery above 1.4620, should lead to an advance up to the mentioned 1.4660 price zone.

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