GBP/USD tumbles to 5-week lows after Yellen

FXStreet (Córdoba) - The GBP/USD dropped further and bottomed at 1.6507 reaching the lowest price since February 12, as the US dollar soared across the board. Near Wall Street closing and after Yellen’s press conference ended the pair is bouncing, trimming some losses and trades at 1.6540.

From daily highs Cable is falling 110 pips, about to post the first daily close below 1.6600 in a month and second daily loss in a row.

The sharp decline after FED’s decision appears to have found support above 1.6500, but GBP/USD still looks under pressure, moving further away from multi-year highs reached a month ago at 1.6822.