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Forex: GBP/USD testing the 1.5300 level

FXstreet.com (Barcelona) - After a brief fall below the 1.5300 level (1.5293 intraday minimum), the GBP/USD managed to rally back above this barrier during European trading Wednesday. In these moments the cross is negotiating an exchange of 1.5306/08, trading negatively at -0.08%

The GBP/USD is relatively close to key resistance level of the upside move and stable below Linear Regression Indicator 34, as we also see overbought signals on momentum indicators. Moreover, a downside correction is likely during today’s session; despite that the overall trend is bullish though some correctional bearishness is expected.” warns the ICN.com analyst team.

According to Research Analyst Gareth Berry at UBS, “We reiterate our neutral stance on the GBP/USD in the near-term, as resistance is at 1.5363 ahead of 1.5424 - while this holds, there is scope for resumption of broader bear trend. Conversely, support is at 1.5239 ahead of 1.5160.”

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