The GBP/USD pair continues declining amid weak UK macroeconomic releases and growing demand for the US Dollar.
Last week, the pair reached its local low 1.5030, being under pressure from favorable US GDP statistics and poor UK data. Today, Mortgage Approvals and Consumer Credit statistics, released in the UK, are pushing the pair further down towards new local lows 1.5000
Support and resistance
The pair is trading along a descending channel and is likely to reach the level of 1.4830 in the medium term.
Technical indicators suggest that downward dynamics in the GBP/USD pair will continue. According to MACD, volumes of short positions are growing significantly, while trend indicators confirm that the pair tends to move further down.
Support levels: 1.5000, 1.4910, 1.4830, 1.4745, 1.4700, 1.4635, 1.4570.
Resistance levels: 1.5100, 1.5190, 1.5250, 1.5295, 1.5350, 1.5500, 1.5610, 1.5675, 1.5750, 1.5815.
Short positions can be opened from the levels of 1.5100, 1.5190 with the target at 1.4830 and stop-loss at 1.5225.