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GBP/USD holds above 1.5200

FXStreet (Córdoba) - After a 190-pip drop, GBP/USD managed to put a bottom and even recover slightly from lows amid some profit-taking.

Pound weakened sharply across the board on Tuesday, following the release of low UK inflation and dovish comments from BoE officials. GBP/USD hit a low of 1.5199 but lacked follow-through below the psychological level and turned higher. At time of writing, the pair was trading at 1.5240, still 0.70% down on the day.

GBP/USD technical levels

As for technical levels, if GBP/USD breaks below 1.5200, next supports could be faced at 1.5136 (Oct 5 low) and 1.5106 (5-month low Oct 1). On the flip side, resistances line up at 1.5387 (Oct 13 high), 1.5409 (50-day SMA) and 1.5469 (21-week SMA).

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