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Forex: GBP/USD hovering over 1.5100

FXstreet.com (Barcelona) - The sterling is extending its decline from yesterday’s highs in the boundaries of 1.5160 to the current area below the key support of 1.5100, ahead of UK services PMI and the BoE MPC gathering.

Market consensus is broadly biased towards BoE inaction today, leaving intact both the refi rate and the asset purchase programme at 0.50% and £375 billion, respectively.

GBP/USD is now losing 0.20% at 1.5097 with the next support at 1.5092 (MA21d) ahead of 1.5075 (low Apr.3) and finally 1.5026 (low Mar.20).
On the flip side, a breakout of 1.5173 (MA10d) would allow 1.5178 (low Apr.1) and then 1.5259 (high Apr.2).

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