Forex: GBP/USD testing the 1.5400 barrier amidst session lows

FXstreet.com (Barcelona) - The GBP/USD is facing all sorts of weakness, with a fresh plunge coming on the heels of yesterday’s downside. Indeed, the cross is not only operating at session lows, but is testing the 1.5400 barrier in these moments (1.5406/07). At this point, the pair is firmly entrenched in negative territory, facing a -0.25% decline thus far during European trading Friday.

In the United Kingdom, the Goods Trade Balance (March) was reported at £-9.056B, against expectations of £-9.0B. Moreover, the Total Trade Balance (March) yielded a figure of £-3.13B, exceeding estimates of £-3.10B. Finally, the Trade Balance; non-EU gave £-3.47B in March, against projections of £-4.100B.

According to the Mataf.net analyst team, the GBP/USD will encounter its next short-term supports at 1.5385, followed by 1.5323, and 1.5222. Conversely, the pair is slated to face resistance at 1.5548, then 1.5649, and ultimately 1.5711.

“The GBP/USD dropped sharply yesterday after failing again to breach 50% correction at 1.5590 shown on graph. Prolonged stability below 1.5530 is negative and might extend the downside move.” warns the ICN.com Technical Analyst Team.