GBP/USD: Downside wide open despite bids

FXStreet (Guatemala) – GBP/USD is currently trading at 1.5314 with a high of 1.5387 and a low of 1.5259.

GBP/USD is tracing the theme across the board at the moment with a better offered greenback, with sterling shooting up through the 1.53 handle up to test 1.5320 resistance having been offered for the best part of the European session that took the major down to the aforementioned lows, testing the start of March’s resistance line at 1.5250/60.

However, technically, Karen Jones, chief analyst at Commerzbank explained that her team continues to suspect that the market has topped just ahead of key resistance offered by 1.5855/80, the October 2013 low and 50% retracement. “We look for a return to the cloud support and May low at 1.5059/1.5121.”

GBP/USD is currently trading at 1.5314 with a high of 1.5387 and a low of 1.5259.

(Market News Provided by FXstreet)