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Forex: GBP/USD retreats back to 1.5100 support

FXstreet.com (Barcelona) - The GBP/USD has retraced its gains Monday (1.5146 intraday maximum), having fallen back to the 1.5100/handle and first support during American trading. In these moments the cross is negotiating a loss of -0.17% on the day, having re-entrenched itself into negative territory.

Slobodan Drvenica, an analyst at Windsor Brokers Ltd., identifies supports at 1.5100, ahead of 1.5070, and finally 1.5043. Conversely, the GBP/USD is slated to encounter means of resistance at 1.5142, then 1.5175, and finally the 1.5200 barrier.

Tomorrows European calendar will be dominated by a tranche of CPI data, amongst other indicators, beginning at 9:30 GMT Tuesday. Inflation is slated for a minor bump from previous figures, which may move GBP pairs during European trading.

According to Drvenica, “Hourly indicators are mixed and directionless at the moment, while they remain more bullish on 4h chart, which sees scope for a potential break above 1.5175 and a possible attempt at key near-term barriers at 1.5200 (05 Mar high) and 1.5220.

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