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Forex: GBP/USD around 1.5220 ahead of UK data

FXstreet.com (Barcelona) - The sterling continues to trade in a soft tone on Wednesday, extending its weekly decline to the current area of 1.5220/25 ahead of the employment data in the UK and the BoE Quarterly Inflation Report.

“Governor King’s tone during the press conference should give us a better idea of whether he continued to vote for QE at this month’s meeting, although we won’t get the results of the full MPC vote until the minutes next week”, commented Strategist Alvin Pontoh at TD Securities.

As of writing, the cross is up 0.06% at 1.5218 with the next resistance at 1.5405 (MA21d) ahead of 1.5447 (low May 7) and then 1.5465 (MA0d).
On the flip side, support levels align at 1.5075 (low Feb.25) followed by 1.5028 (low Mar.20) and then 1.5000 (psychological level).

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