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Forex: GBP/USD above 1.5420, off 7th consecutive daily lower low

Cable is currently at 1.5442 off recent session highs at 1.5451, finding resistance on previous Monday lows at about same levels that it trades now. Busy day ahead for the pair as BoE minutes will be out at 09:30 GMT, same time than UK claimant count change, expected to be the later better than the one from January. The pair is down so far -0.48% for the week.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “The bearish momentum of GBP/USD remains strong as the pair continues posting lower lows daily basis,” the analyst says, adding: “Having been as low as 1.5414, the hourly chart shows indicators heading south below their midlines with price near mentioned low and 20 SMA gaining some bearish slope above current price. In the 4 hours chart, indicators retrace from their midlines heading back south, while 20 SMA contained the upside  providing now dynamic resistance around 1.5480,” she concludes.

Valeria locates support levels at: 1.5410, 1.5370 and 1.5330, while resistance levels at: 1.5435, 1.5480 and 1.5510.

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