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GBP/USD: Unrelenting bears remain in control

FXStreet (Mumbai) - The bear grip remains firm on the GBP/USD pair, pushing it back into losses to re-test the previous session’s low at 1.5107 levels.

Offered at 1.5136

The spot turned lower from the high of 1.5136 levels seen in the Asian session. Sterling’s bear rally just refuses to end as dropping BOE rate hike bets, losses in mining and energy shares in FTSE keep bulls at bay.

The focus today is on the UK manufacturing PMI report, which is expected to show the activity weakened further on account of another monthly drop in the inflow of new export orders.

GBP/USD Technical Levels

At 1.5120, the immediate resistance is located at 1.5135 (Sep 25 low), above which the pair could target 1.52 levels. On the other side, support is seen at 1.51, under which the loss could be extended to 1.5053 (Apr 17 high).

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