Forex: GBP/USD, capped at 1.5520, drops to session low at 1.5460
Pound's rally from 1.51.30 low last week extended in Asian session to a 4-week high at 1.5520 although cable rally lost strength at European opening, and the pair pulled back below 1.5500 to session low at 1.5460.
The pair is testing support at 1.5450/60 (session low/Apr 13 high) at the moment and below here, next support levels could be at 1.5400/10 and 1.5370 (Apr 14 low).
On the upside, resistance levels remain at 1.5520 (session high), the pair might find resistance at 1.5575 (Feb 23 high) and 1.5620 (%0% Fib retracement of the Jan_Mar decline).
Labels: Tollywood Model