FXStreet (Edinburgh) – The bearish tone keeps intact around the sterling on Tuesday, now taking GBP/USD to a consolidative pattern in the upper-1.5200s.
GBP/USD weaker on dollar
The now revitalized sentiment favouring the greenback is keeping the demand for the pound subdued so far, capping any bullish attempt and forcing spot to remain entrenched in the negative ground. GBP is thus following its European peer on its way south vs. the dollar, after climbing as high as the 1.5380 area during the Asian trading hours.
In the data front, better-than-expected UK trade data did little to nothing to help the correction lower, although a sustainable break above the 1.5300 handle still appears elusive for the time being.
GBP/USD relevant levels
At the moment the pair is down 0.36% at 1.5292 with the immediate support at 1.5272 (low Jun.9) followed by 1.5221 (low Jun.8) and then 1.5191 (low Jun.5). On the upside, a breakout of 1.5376 (high Jun.9) would aim for 1.5441 (high Jun.4) and finally 1.5452 (Kijun Sen).
(Market News Provided by FXstreet)