Forex: GBP/USD below 1.5100 ahead of a very very busy day

FXstreet.com (Barcelona) - Cable is last at 1.5085, testing the lower bound of current weekly range with Monday lows at 1.5070, off session lows at 1.5078, and the upside limited at three times touched ask line 1.5145. The pair is facing a very busy London session ahead, with key UK unemployment data and BoE minutes at 09:30 GMT, followed by UK Annual budget release at 12:30 GMT, not to mention FOMC statement at 18:00 GMT and press conference 30 minutes later.

As Valeria Bednarik notes, Chief Analyst at Fxstreet.com: “The hourly chart shows the neutral stance seen on previous updates with the pair still finding buyers in the 1.5070 area. In the 4 hours chart, indicators turned bearish, slowly moving into negative territory, while 20 SMA losses upside momentum and turns flat above current price,” the analyst said, adding: “Still the pair needs either to break below the 1.5070 mentioned support or extend beyond 1.5160 resistance to set a clearer way.”

Valeria locates support levels at: 1.5070, 1.5050 and 1.4980, while resistance levels at: 1.5120, 1.5160 and 1.5200.