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Forex: GBP/USD hovering over 1.5225/30

FXstreet.com (Barcelona) - The sterling is following its European counterpart on Monday, now giving away part of the initial gains after climbing above 1.5240.

After the last report of the CFTC COT, S.Osborne and G.Moore at TD Securities, commented, “The GBP net short was also extended and remains at extreme levels not seen since autumn 2011. The BoE is in focus later this week and could shift positioning considerably”.

As of writing, the pair is up 0.24% at 1.5230
Next resistance levels align at 1.5260 (hourly highs Mar.25) ahead of1.5280 (high Mar.25) and finally 1.5330 (high Feb.22).
On the downside, a break below 1.5200 (high Feb.28) would aim for 1.5180 (hourly lows Mar.28) and then 1.5165 (MA10d).

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