Forex: GBP/USD testing the 1.5200 barrier

FXstreet.com (Barcelona) - The GBP/USD has continued its intraweek decline Wednesday, edging lower during European trading Wednesday as the pair recently bottomed out and is testing the 1.5200 level in these moments. At this juncture, the cross is incurring a loss of -0.02% ahead of several key indicators later in the United Kingdom.

Briefing the technicals, Mataf.net analysts point to supportive means for the GBP/USD at 1.5186, ahead of 1.5136, and ultimately 1.5065. Conversely, a break above the 1.5307 handle will initiate resistance at 1.5378 and 1.5428.

Later today in the United Kingdom, investors will digest the Claimant Count Change/Rate at 8:30 GMT, which is a traditional mover of the pair.

According to the ICN.com analyst team, “The strong downside move extended ignoring the oversold signals shown on the stochastic. The bearish move pushed the GBP/USD today towards 50% correction at 1.5220 that will be considered an intraday interval. Overall, the downside move is valid and trading below 1.5310 is negative, as Linear Regression Indicators support this negativity.”