Technical outlook and chart setups:
The GBP/USD pair dropped to fresh lows at 1.5120/30 last week before pulling back into the level of 1.5225. Please note that the pair could still drift lower towards 1.5080/90 and 1.4950 before turning bullish again. At the current moment, it looks like there is a possibility of a pullback before drifting lower. It is hence recommended to remain long with risk at 1.5000. Immediate support is seen at 1.5100 followed by 1.5000/1.4950 and lower, while resistance is seen at 1.5275 followed by 1.5370, 1.5650, and higher.
Remain long with stop at 1.5000, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com