GBP/USD hits fresh lows, finds support above Friday’s lows

By FXStreet FXStreet (Córdoba) – GBP/USD erased all post NFP gains, after falling a hundred pips from daily highs. The pair printed a fresh daily low at 1.5138 and it was trading 1.5150/52, slightly lower for the day.

The recovery from the lows found resistance below 1.5165 and it remains near the lows, still moving with an intraday bearish trend.

GBP/USD rejected again from above 1.5200

In five out of the last six trading day, reached levels on top of 1.5200 but it was unable to hold and failed to post a close above. Cable was rejected every time. While the US dollar losses strength near 1.5100.

A consolidation above 1.5200 or below 1.5100 could signal the end of the current consolidation period that followed the decline from 1.5605 (Sep 18 high) to 1.5106 (Oct1 low), the weakest level since early May.
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Source:: FX Street