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Forex: GBP/USD slips below 1.5300

FXstreet.com (Barcelona) - The sterling breached the key support at 1.5300 on Monday, falling to sub 1.5280 levels as the selling pressure intensifies.

“A new range is in the process of being established; the resistance is strong at 1.5600 and support should manifest between 1.5196 and 1.5270. So look to buy into that zone over the next week or two and expect a return back up to 1.5420 onto 1.5600 potentially”, recommended W.Moore, Strategist at RBS.

GBP/USD is now retreating 0.40% at 1.5292 with the next support at 1.5200 (23.8% of Feb-Apr slide) ahead of 1.5075 (low Feb.25) and then 1.5028 (low Mar.20).
On the upside, a surpass of 1.5407 (MA21d) would open the door to 1.5447 (low May 7) and finally 1.5471 (low May 8).

Euro's focus shifted to the downside

Following a couple of weeks loaded with euro negative events – ECB cut rates and hinted at negative deposit rate – and strong US data, the EUR/USD came under selling pressure and pierced the bottom of its recent range to hit a 1-month low on Friday, after failing to make an upside break.
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