GBP/USD accelerates towards 1.5100; Outlook deteriorated

The sterling is trading in recovery mode against the US dollar as the GBP/USD is extending its bounce from Friday low of 1.5020 to trade now just ahead of 1.5100. Currently, GBP/USD is trading at 1.5094, up 0.29% on the day, having posted a daily high at 1.5098 and low at 1.5032. The OB/OS Index is reflecting neutral hourly conditions, while the Trend Index is slightly bullish.

GBP/USD forecast According to Market Analyst at Hantec Markets Richard Perry, the GBP/USD "outlook has dramatically deteriorated in the past week;" Perry is now "negative on Cable for a retest of $1.5000." In the same line, Neal Gilbert comments that "the negative vibe out of mainland Europe is hurting the GBP," However, he thinks that "good UK data could help stop the bleeding." British Pound to US Dollar exchange rate levels There are reports of an option expiry for GBP£259 million at 1.5250 in the NY cut. Meanwhile, check resistances at 1.5100, 1.5120 and 1.5150. To the downside, supports are at 1.5050, 1.5020 and 1.5000

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