Forex: GBP/USD: Pound tests 1.5085 daily pivot

The Pound is weakening to levels below 1.5100 on early European session, dropping to intra-day low to check daily pivot point at 1.5085.

If the Pound breaks below 1.5085, Tim Salem, collaborator at FXstreet.com forecasts the following levels to observe: “Depreciation through the Daily pivot at 1.5085 sees 1.5054 Daily Static Support followed dynamically by 1.5014. Slight Bearish Sentiment will return on the IntraDay View with 1.4976/53 Support Areas being seen, as potential RSI Readings below the “40’s” will begin to Shape and Confirm the Bias.”

Support levels remain at 1.5065 (Apr 16 high) and 1.4980/90 (May 6 low), below there, 1.4945 (Apr 30 high). On the upside, recovery from current levels could face resistance at 1.5155/60 (intra-day high/ May 5 high), and above there, next resistances could be at 1.5190 and then 1.5370 (Jan 8 high).