The pound is up from its open of 1.5595 and has reached a session high of 1.5647 with a low of 1.5560 so far.
This is what the analysts say about the major currency pair in the near-term:
FXstreet says the currency pair has broken the cloud to the downside with the weekly and monthly candles looking very bearing.
“I would watch 1.5700 as a maximum pullback before the next leg lowed down towards 1.5089 in a choppy inside 5th wave,” the site says in its intraday analysis.
Forexcycle notes that further decline in GBP/USD is expected in a couple of days with the next target at around 1.5400-1.500.
The site adds in its technical analysis: “Resistance is at 1.5635 followed by 1.5660, only break above these levels could indicate that consolidation of downtrend is underway.”
Meanwhile, Precise Trader writes that the MA is suggesting a downside bias but may be limited and the oscillators are bearish but oversold.
“1.5655-1.5725 are the critical levels to watch to maintain the bearish outlook,” it continues.