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Forex: GBP/USD entrenched in negative territory at 1.5026/29

The GBP/USD continues to be buried in negative territory, despite a recent upside attempt that was stonewalled at the 1.5050 level. Earlier UK data has roiled the pair, which now settles at 1.5026/29, down -0.91%.

According to the ICN.com Analyst Team, “Recent stability below key supports extend the downside move, especially as the Linear Regression Indicators are negative and form a ceiling for trading. We think that the bearish move might extend as trading below 1.5310 levels keeps this possibility valid.”

After crashing through numerous supports (1.5130, 1.5100, and 1.5080), ICN.com analysts identify additional supports in the short-term at 1.5035 onto 1.5000. On the ascension, a recovery towards the 1.5190 resistance will open up additional measures at 1.5225 and 1.5250.

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