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Forex: GBP/USD pares losses to trade at 1.5019/24

The GBP/USD downside seemed to lose steam at the 1.4982 level (session low), where supports kicked in and helped buoy the pair from a prolonged drop. During European trading however, the cross has gradually pared its losses to recover the mark of 1.5019/24 in these moments, ascending into positive territory and nearing a session high of 1.5028.

According the Technical Analyst Team at ICN.com, “The GBP/USD failed to maintain the upside move yesterday and is moving back to the downside. Trading now is below its linear regression indicators, though close to support level of the intraday descending channel. Any attempt to the upside is likely within the descending channel, however as long as the bullish move remains limited below 1.5190 levels, negativity will likely extend.”

ICN.com analysts have calculated the next supports at the 1.4980 level, onto 1.4965, and finally 1.4925. On the ascension, a break above the 1.5035 resistance will activate additional means of correction at 1.5080 and 1.5100.

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