Forex: GBP/USD threatening 1.5100 support

Cable is currently at 1.5107 near session lows at 1.5100 round, retracing from yesterday's highs at 1.5220, and only 37 pips above record 30-month lows printed Monday. Pound is the weakest currency among majors in last few days, ahead of another important day for the GBP/USD, as Bernanke will take the stage for second day testifying at 15:00 GMT before the House Financial Services Committee. But before that, for the London session ahead, MPC member Bean will speak at 09:20 GMT, followed by UK second estimate GDP q/q at 09:30 GMT, along with Prelim business Investment q/q and Index of Services.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “The daily chart maintains a strong bearish momentum, and spikes higher will likely continue to be understood as selling opportunities,” she suggests, adding: “As for the short term, the hourly chart shows a limited bearish tone as per recent range, with the 1.5120 offering short term support: once below, a retest of the weekly low at 1.5070 is likely, yet if this last gives up, a quick run towards 1.5000/30 could be seen,” the analyst concludes.

Valeria sees support levels at: 1.5120, 1.5070 and 1.5030, while resistance levels at: 1.5210, 1.5265 and 1.5300.