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Forex: GBP/USD falls below 1.55 to test 1.5490

FXstreet.com (San Francisco) - The Sterling is extending its decline from 2½-month at 1.5545 against the Greenback with the pair trading below the 1.5500 level to test the 1.5490 key resistance. Currently the pair is at 1.5495, almost flat on the day.

The GBP/USD is trading slightly bearish according to the FXstreet.com trend index. Indicators such as MACD, CCI and Momentum are bearish while the Stochastic is bullish in the 15-minute timeframe.

"In the 4 hours chart technical readings hold in overbought territory, aiming slightly lower and pointing for a correction," comments FXstreet.com's analyst Valeria Bednarik. "1.5490 stands as immediate support, ahead of stronger one around 1.5420, Fibonacci level."

Below the 1.5490, next support is at 1.5470 ahead of the 1.5420. On the upside, resistances are at 1.5410, 1.5545 and 1.5585.

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