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Forex: GBP/USD falls to 1.5116/17

FXstreet.com (Barcelona) - The GBP/USD has continued its fall lower Tuesday, having crashed below support (1.5178), en route to the 1.5116/17 level in these moments. At this juncture, the cross has descended a steadfast -0.73% off its opening, nearly touching its intraday lows (1.5109).

According to the last CFTC COT report, Jane Foley - Strategist at Rabobank - commented, “Sterling’s shorts continued to build even though the March 20 budget brought some relief insofar as the BoE’s mandate was not altered significantly and the consensus favors steady policy from the April BoE meeting”.

We reiterate our bearish stance on the GBP/USD as the broader bear trend is intact and any upside should find resistance at 1.5269 ahead of 1.5321. Meanwhile, support is at 1.5093.

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