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Forex: GBP/USD resting above 1.4900

As it has been the norm in latest Asian trade for more than a week so far, Cable has not moved much in recent session, last at 1.4920, barely below previous weekly close Friday, with no upside for the time being, and session lows at 1.4900. Paradoxically, Cable's daily average range has been on the rise hitting fresh 1-year highs around the 140 pips per day, but all of them made during London and NY sessions.

Current daily vola catches up with longer term 5 year average at 147 pips per day, while recent peak was printed on Friday at average 145 pips per day in last 14 trading days. No risk events for the London session ahead coming out of the agenda, which could help for slowing down volatility, unless something unexpected hits the wires.

“The bearish trend is strong in place, with daily and 4 hours chart giving no signs a change may take place soon,” says Valeria Bednarik, Chief Analyst at Fxstreet.com, expanding: “Corrections of course, should not be ruled out, but the overall stance is to the downside: the hourly chart shows indicators heading south in negative territory while 20 SMA gains bearish scope above current price. In the 4 hours chart technical readings also support further slides, with a break below 1.4870 exposing 1.4810 area today,” the analyst concludes.

Valeria locates support levels at:  1.4870, 1.4835 and 1.4810, while resistance levels at: 1.5010, 1.5050 and 1.5100.

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