Forex: GBP/USD clings to positive territory at 1.5366/70

FXstreet.com (Barcelona) - The GBP/USD has eased off its highs from earlier in the European session (1.5383), though the cross has still managed to cling to positive territory Monday. In the absence of any meaningful data outside of an earlier Chinese release, the cross is now trading at 1.5366/70, still up a modest +0.05% in these moments.

According to Research Analyst Gareth Berry at UBS, “The GBP/USD remains on a bullish path, as the latest setback does not change the broader bullish picture. Support is at 1.5310 ahead of 1.5219, while resistance is at 1.5458 ahead of 1.5606.”

“The GBP/USD broke a key support level of the ascending channel that is considered a correction for the descending channel starting at 1.6341 levels shown on graph. Moreover, linear regression indicators are negative indicating that the upside correction is over and a downside move might occur during this week. Trading below 1.5590 is negative this week, but the pair should stabilize below 1.5425 for this possibility to remain valid.” notes the Technical Analyst Team at ICN.com.