The GBP/USD pair trades near the 1.5000 psychological figure, with the Pound being under pressure ever since the day started. The release of the UK money data did not helped, as consumer credit in October decreased to £1.178B against previous £1.261B, while less mortgages than-expected were approved in the same month.
As investors wait for more relevant data later this week, the technical outlook for the GBP/USD is bearish, given than the price is extending below a bearish 20 SMA, whilst the technical indicators remain below their mid-lines, and the RSI indicator accelerates south around 33, anticipating some additional declines for today.
Should the price extend below the 1.5000 level, the next support and probable bearish target comes at 1.4960, with further slides below it exposing the 1.4910 region. The immediate resistance stands at 1.5050, with a recovery above it seeing an upward corrective movement up to 1.5120.
View the live chart of the GBP/USD
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