GBP/USD: Are the bulls running out of steam?
The cable had a poor session on Monday with the bears pushing the market below 1.533. The sterling lost further ground against the greenback this morning but managed to re-bounce and it is currently sitting right above 1.534. The pair has been in an uptrend since the beginning of the month but it looks like it is unable to consistently break above 1.537 recently. We therefore expect further consolidation in this area with downwards bias towards the 1.526 area. As long as the pair remains below key resistance at 1.537, we there is no reason for the bears to worry. A break below 1.526 would open the door for further declines towards the 1.5215 area.
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