GBP finds some life
Her Majesty's quid took an awful battering last week on a rather dovish MPC. Matters were compounded when the strong NFP came out. 1.50 was the big number to watch and we held up around 20/25 pips above late on Friday. From there we've had a steady climb higher, in big part due to action in GBP crosses (as pointed out earlier in the comments). GBPJPY has been up over 250 pips since the lows on Friday
Right now cable is trying to build itself a base above 1.5100 but faces resistance around 1.5120 and then 1.5150.
GBPUSD 15m chart
The inability to push higher probably owes a lot to the cross moves also. EURGBP is holding above 0.7100 and that's helping to keep a lid on cable
We'll need to see the pound hold above 1.5100 before even thinking about a higher move. If that does come then the stronger 1.5170 level could be a tough nut ahead of an equally tough nut at 1.5200
GBPUSD H4 chart
Only a move above 1.5200 would have me thinking that the pound may regain some composure. While we're below there's every chance of seeing further downside. The same could be said for trying to hold 1.5100. For the moment 1.5020/00 is your lower boundary while 1.5200/15 is the upper. Feel free to trade in between those levels and look to go with any breaks
