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Forex: GBP/USD rises to 1.5120 after being supported at 1.5100

FXstreet.com (Barcelona) - Today’s downside found support at 1.5100 mark and after the publication of US data, the GBP/USD began a slow climb of the chart, currently at 1.5120.

Pending home sales fell -0.4% in February, more than the expected -0.2%. January data was revised lower from 4.5% to 3.8%. The annualized figure eased from 9.5% to 8.4%. US MBA mortgage applications that rose 7.7% in the week ending at March-22, retracing the previous week’s drop by -7.1%.

“With stops reported around 1.5090 immediate support, once below the pair should quickly accelerate towards the 1.5060 area, while once below this last, and approach to 1.5010/30 seems likely for today”, wrote FXstreet.com independent analyst Valeria Bednarik. “The hourly chart shows price below 20 SMA while indicators turned flat in oversold levels, as buying interest defends the 1.5100 mark”, she added.

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