GBP/USD capped at $1.5150
GBP/USD slipped to $1.5115 from the intraday highs at $1.5150. Market is thin as the UK banks are closed in observance of the Spring Holiday. This week there are actually no important data on the UK schedule that can influence the pound, so concentrate on the US data.
Sterling was trying to recover from a 2-months low at $1.5010, which was printed on Thursday, but remains capped at $1.5150 (23.6% Fibo from a recent decline). Next offers are seen at $1.5185 and $1.5200 (bottom of the bearish H4 cloud). It would be hard for the bulls to break higher, so we are still looking to sell GBP on rallies.
Support lies at $1.5100, $1.5070 and $1.5015. Below $1.5000 sterling will extremely vulnerable for a decline to $1.4830 (March low).
Chart. H4 GBP/USD