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Forex: GBP/USD opening up for lower lows below key support

FXstreet.com (London) - At the beginning of the European session, and since yesterdays fall below 1.5300, and well below the 1.5369 channel support, there has been very little movement in the pound that trades back at 1.5220 at the time of writing, but traders eye lower lows.

At the time of writing, the FX Street Trend Index offers a slightly bullish reading trading at 1.5317, however 1.5198, the end of the April low, has already been broken once. There is little in the way of economic data today, so focus will be on BoE Quarterly Inflation report and employment numbers. Lets wait to see if the BoE gives out a more optimistic tone, with less support for more stimulus. Support to the down side in GBP would be 1.5198, 1.5035 (4th April low) and 1.5028 (20th March low).

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