Forex: GBP/USD trading unevening at 1.5468/69

Following a dip below support towards the region of 1.5438 (session low), the GBP/USD seems to have recovered slightly, albeit unevenly during European trading Monday. The pair remains entrenched in negative territory as the cross operates at 1.5468/69 in these moments, suffering a -0.23% decline off its opening.

Briefing the technicals, Slobodan Drvenica, an analyst at Windsor Brokers Ltd. points to calculated supports at 1.5459, then 1.5392, and finally 1.5320. On the positive side, a break above 1.5497 will trigger resistances at 1.5550 and 1.5571.

“The GBP/USD is still stable below the 1.5525 region, which is negative and can negate any oversold signals the pair might show. Moreover, the linear regression indicators offer a strong ceiling, pressuring the pair south; and accordingly we expect the bearish move might extend towards the 1.5340 level during the near-term period.” warns the ICN.com Analyst Team.

Investors have not had the luxury if any meaningful data during European trading Monday, and the frequency of the any catalysts should diminish later today given the observance of Presidents Day in the United States.