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Forex: GBP/USD testing support of 1.5200

FXstreet.com (Barcelona) - The sterling remains in the red territory on Monday, indifferent after the BBA Mortgage Approvals during February fell to 30.5K, coming in short of estimates at 33.6K and down from January’s 32K (revised).

The Swiss bank UBS has now changed its outlook to neutral from bearish, and according to Strategists G.Yu and G.Berry “Resistance is at 1.5321 ahead of 1.5424 - which should hold any upside. Support is at 1.5166 ahead of 1.5027”.

GBP/USD is now losing 0.12% at 1.5212 with the next support at 1.5167 (low Mar.22) ahead of 1.5097 (MA10d) and finally 1.5090 (low Mar.21).
On the flip side, a breakout of 1.5280 (Upper Bollinger) would expose 1.5330 (high Feb.22) and then 1.5452 (high Feb.20).

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