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GBP/USD continues to slide, approaches 1.5200

FXStreet (Córdoba) - The pound continues to decline in the market and against the US dollar printed a fresh 2-week low. Greenback remains strong in the market, particularly against emerging markets currencies while the pound holds at the lows.

GBP/USD eyes 1.5200

The pair bottomed during the American session at 1.5222, the lowest since September 7. It was trading at 1.5225/29, down 0.90% for the day or 150 pips. Yesterday lost more than 150 pips and from Friday’s highs declined450 pips. The sharp reversal was boosted by speculations that the Bank of England would rise rates later than previously expected.

Cable is moving quickly toward September lows that lie at 1.5160/65; above the area around 1.5205/10 could offer support. A consolidation below the mentioned levels could open the doors for further declines.

If the pound holds above 1.5200 it could remove some bearish pressure in the short term. A rise above 1.5380/90, where the daily 20-SMA is located, could give support for a bullish movement.

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