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Forex: GBP/USD retreats from highs

FXstreet.com (Barcelona) - After climbing to session highs in the boundaries of 1.5220, the upside in the pound lost momentum and returned to sub 1.5200 levels on Monday.

“A convincing break now of $1.5120 area suggests a return to, and likely a break of, this year's low. Sterling has also broken below a trend line connecting the lows of the past three years. This sours the longer-term outlook and warns of a move toward $1.42”, suggested the BBH Global Currency Strategy Team.

The pair is now retreating 0.01% at 1.5190 facing the next support at 1.5158 (low May 17) followed by 1.5128 (61.8% of 1.4832-1.5607) and finally 1.5034 (low Apr.4).
On the flip side, a breakout of 1.5251 (MA55d) would then target 1.5282 (high May 17) en route to 1.5323 (high May 16).

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