Forex: GBP/USD recovers the mark of 1.5038/41

The GBP/USD has found traction above the 1.5020 level Monday, refusing to budge much below this region (1.5018 session low). In recent minutes the pair has recovered the mark of 1.5038/41, testing the threshold into positive territory and operating near opening levels.

Later today at 9:30 GMT, investors will learn of the PMI Construction (February) in the United Kingdom, the first such news out of the country since the disastrous fall last week.

“The near-term price action moves in a sideways mode, consolidating above the psychological 1.5000 support. As the latter has already been cracked on last Friday’s sharp fall that posted fresh multi-year low at 1.4983, with negative tone prevailing on the near-term studies, further bears should be anticipated.” warns Slobodan Drvenica, an analyst at Windsor Brokers Ltd.

Drvenica cites the next supports at the 1.5012 level, onto 1.4983, and finally 1.4950. On the ascension, a break above the 1.5070 handle and first resistance will trigger additional means of correction at 1.5100 upside barrier and 1.5147.