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Forex: GBP/USD flat around 1.4920/25

After dipping to 32-month lows in the area of 1.4865/70, the sterling gathered traction and extended the current correction to the proximities of 1.4920, although the sentiment surrounding GBP continues to be strongly bearish.

After the last CFTC COT report, Strategist Jane Foley at Rabobank commented, “Sterling’s decline continued unchecked ahead of the March BoE policy meeting. While steady policy was maintained by the BoE last week, speculation of more easing remains very much alive. Shorts are at their most significant since December 2011”.

The cross is now flat at 1.4921 facing the next support at 1.4803 (low Jun.23 2010) followed by 1.4798 (Lower Bollinger) and then 1.4688 (low Jun.22 2010).
On the upside, a breakout of 1.5047 (high Mar.8) would expose 1.5063 (MA10d) and finally 1.5083 (high Mar.7).

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