The GBP/USD pair is moving lower after some poor data today. It has, however, reached a thick cluster of support at the current 1.5610 lows which includes the 50-day MA, the monthly pivot and the 50 and 200-4hr moving averages. If it manages to penetrate this support and break below 1.5575 then there is open space down to the consolidation lows at 1.5505. If it rebounds off the strong support shelf, however, and rebounds then a break above 1.5700 would be strong confirmation of a bounce to 1.5750.
Written by Forex4you