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Forex: GBP/USD holds above 1.5200 at fresh 2-week lows

FXstreet.com (Barcelona) - Cable is last at 1.5217, off recent session and fresh 2-week lows at 1.5202, down -0.11% for the week so far, and -1% from Friday's highs. According to the FXstreet daily supply/demand report: “With the price now resting at 1.5225/1.5215 demand, area which had multiple hits - exchange rate enjoying no bounce at all - looks like downside pressure may intensify,” the analysts note.

From Valeria Bednarik's take, Chief Analyst at Fxstreet.com: “The hourly chart shows a strong bearish momentum as RSI turns flat near oversold levels, while in the 4 hours chart price holds below 200 EMA, flat around 1.5260 and immediate resistance level,” the analyst says, adding: “A short term ascendant trend line, comes today around 1.5160, and should offer some support in case of more slides, but a break below it, should put the pair under strong selling pressure, with 1.50 area then at sight,” she concludes.

Valeria spots support levels at: 1.5220, 1.5190 and 1.5160, while resistance levels at: 1.5260, 1.5295 and 1.5330.

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