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Forex: GBP/USD eases to 1.5126/28

FXstreet.com (Barcelona) - The GBP/USD found itself in escape velocity, crashing towards a session low of the 1.5026 level (session low) earlier today on weak data in the UK. However, following a rally towards the 1.5160 region, the pair has once again eased towards the 1.5126/28 handle, up +0.20% Wednesday in these moments.

“The GBP/USD is biased to the downside, however the outlook remains limited above the key resistance level of the downside move since breaking below the 1.5300 levels. Moreover, the current bearish move might benefit the pair by unloading negativity on momentum indicators.” warns the ICN.com analyst team.

According to Research Analyst Gareth Berry at UBS, “We reiterate out bearish stance on the GBP/USD as a closing cross lower in momentum would signal resumption of the bearish trend. Support is at 1.5004, ahead of 1.4832, while resistance is at 1.5199.”

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