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Forex: GBP/USD consolidates below 1.5300

The sterling remains sidelined below the key resistance at 1.5300 on Friday, as the lack of direction is prevailing in the global markets so far.

In the view of Alistair Cotton, Senior Analyst at Currencies Direct, the current levels reflect the worse case scenario for the pound, but he remarks, “However this is a good thing for the currency in the medium term because the situation is not as bad as the market is reflecting and positive data flow, when it comes, will lift the currency. Furthermore, a lower currency does offer opportunities for British businesses to expand into new markets as British goods become cheaper and a recovering UK economy should keep demand steady at home”.

GBP/USD is now gaining 0.07% at 1.5266 facing the next resistance at 1.5452 (MA10d) ahead of 1.5544 (high Feb.14) and then 1.5550 (high Feb.15).
On the flip side, a breach of 1.5243 (hourly low Feb.22) would bring 1.5236 (Lower Bollinger) and finally 1.5130 (low Feb.21).

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