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Forex: GBP/USD in session highs around 1.5170/75

The sterling is hovering over the region of 1.5170/75 as we enter the last part of the NA session on Monday, as buying interest is pushing the cross to fresh intraday highs.

According to Sean Callow, Strategist at Westpac, the sterling is starting to look attractive at current levels, increasing the interest to buy GBP crosses. “While GBP may fall a bit further, weighed down by Moody’s blues, the fact it has slid by some 7% versus the US$ so far this year argues against this being the beginning of a new secular trend”, Callow concluded.

At the moment, the cross is up 0.63% at 1.5174 with the next resistance at 1.5330 (high Feb.22) ahead of 1.5393 (MA10d) and finally 1.5452 (high Feb.20).
On the downside, a breach of 1.5073 (hourly low Feb.25) would bring 1.4949 (low Jul.12 2010) en route to 1.4873 (low Jul.1 2010).

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