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GBP/USD threatening 1.5100

FXstreet.com (Barcelona) - The sterling is now intensifying its decline, challenging the key support at 1.5100 on Monday after hitting highs around 1.5160 pre-European open.

In the opinion of Tim Riddell, head of Global Markets Research at ANZ, “Slippage from 1.5600 may have been relatively sharp, but the broader profile remains that of defining a trading range after the slump to 1.4830-50 in March. The break below 1.5125 may have raised concern, but a rebound now above 1.52 could signal a retest of range resistance”.

As of writing, the pair is losing 0.21% at 1.5104 and a violation 1.5065 (low May 24) would expose 1.5014 (low May 23). On the other hand, resistance levels align at 1.5149 (high May 27) followed by 1.5170 (MA10d) and then 1.5175 (high May 22).

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