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Forex: GBP/USD grounded by 1.5200 region

FXstreet.com (Barcelona) - The GBP/USD has fallen during European trading, finding some manner of stability at the 1.5200 level (1.5197 session lows), before mildly bouncing back above this barrier. In the absence of UK data today, the pair will likely trade on economic data in the United States later this afternoon during US trading. In these moments, the pair is still negative, settling at 1.5211/12.

According to the Technical Analyst Team at ICN.com, “The GBP/USD is trading above 50% correction at 1.5220 which represents an intraday interval today. We think that the overall downside move isn’t over yet as some bullish correction is possible to retest levels around 1.5310. These expectations require stability above 1.5190 with four-hour closing.”

At the time of writing, the cross is still -0.17% off its opening - the Mataf.net analyst team postulates the next means of support at 1.5184, followed by 1.5129, and ultimately 1.5085. Should the pair recover its losses, a movement above 1.5283 will initiate short-term supports for the GBP/USD at 1.5327, ahead of 1.5382.

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