1.5270 is the 50% retracement of the 1.35/1.7042 rally and that level has been penetrated on an intraday basis. A close below that level will likely bring further weakness in the coming days from long-term investors.
1.5000 barriers are sure to play a role if the pound experiences sustained weakness. It will likely act as a magnet. Cable trades now at 1.5256 while EUR/GBP is rallying strongly, now at 0.8835. The cross demand is helping put a bid under the beleaguered EUR/USD.
0.8843 is important resistance for EUR/GBP, a spike top from Feb 11. More resistance comes in around 0.8855. The cross is trying to break a medium-term downtrend in place since Oct.
