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GBP/USD testing highs around 1.5135/40

FXstreet.com (Barcelona) - The sterling is attempting a rebound to session highs in the area of 1.5135/40 on Monday, leaving behind the drop to the vicinity of 1.5120 overnight.

Scarce volume and bouts of volatility look set to prevail on Monday, following the holidays in both the UK and US markets. Strategists G.Yu and G.Berry at UBS remain bearish on the cross, arguing at the same time “Initial support is at 1.5014, a break below this would extend weakness to test the critical 1.4832. Resistance is at 1.5174 ahead of 1.5240”.

GBP/USD is now losing 0.01% at 1.5134 with the next support at 1.5014 (low May 23) ahead of 1.4915 (low Mar.140 and finally 1.4892 (low Mar.13). On the upside, resistance levels align at 1.5175 (high May 22) and then 1.5185 (MA10d).

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