Forex: GBP/USD hits 3-day low, bounce off

FXstreet.com (Barcelona) - The pair descended past 1.5000 to hit a new fresh 3-day low at 1.4980. Despite having been well supported above 1.5020, new bearish pressure sent the Cable further down, breaking through the area over the past hour.

Prior to that, the pair opened at 1.5063 to initially see-saw through the Asian session. A rise in the downward tendencies intensity triggered the downhill move. At present, GBP/USD has been able to pare half its daily losses to currently trade at 1.5020.

According to the Analyst Team at 4CAST: “On the upside, resistance is likely to be faced at R3: 1.515 * 6-May high, R2: 1.513 28-Jun high, R1: 1.5065 28-9-Jun high volume. On the downside, support may be taken at S1: 1.4935 * 21-Jun high, S2: 1.493 25-Jun high volume, S3: 1.4855 25-Jun spike low”.

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