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Forex: GBP/USD recovers from lows below 1.5120

FXstreet.com (Barcelona) - The sterling dropped more than 50 pips to fresh intraday lows below 1.5120 on Thursday, although bidders contained the decline and are now pushing the cross back to the 1.5130/35 region.

In the view of I.Spivak, Currency Strategist at DailyFX, “Prices put in a bearish Dark Cloud Cover candlestick on a retest of resistance marked by a falling trend line set from the January 2 swing high and the recently broken multi-year range bottom at the 1.53 figure. Near term support is at 1.5120, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 1.4873. Trend line resistance is now at 1.5222”.

As of writing the cross is up 0.02% at 1.5131 with the next resistance at 1.5181 (high Mar.27) ahead of 1.5207 (high Mar.26) and finally 1.5280 (high Mar.25).
On the downside, a violation of 1.5092 (low Mar.27) would expose 1.5090 (low Mar.21) and then 1.5026 (low Mar.20).

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