Forex: GBP/USD still pressured below 1.5500

In a quiet session due to the US holiday, the Cable has been confined to sideways trade although at lower levels as it remains under pressure amid ongoing fears UK will lose AAA credit rating.

GBP/USD printed a fresh 7-month low of 1.5436 during the European session and with the subsequent bounce being capped by the 1.5505 area, the pair is back headed south although moves are slow.

At time of writing, GBP/USD is trading at the 1.5455/60 zone just below the 20-hour SMA and 0.3% below its opening price. As for technical levels next supports are seen at 1.5435 (intraday low) and 1.5400 (psychological level), while resistances could be found at 1.5505 (intraday high) and 1.5550 (Feb 15 high).