Forex: GBP/USD extends decline towards 1.5000

The Sterling is extending its decline against the dollar and after falling around 80 pips in the American session, the GBP/USD is testing levels around 1.5020 in its way to test the 1.5000 frontier.

Currently the GBP/USD is trading at 1.5019, 0.70% below opening price. MACD, CCI and Momentum are bearish while the Stochastic is bullish in the 1-hour chart. Immediate support is at 1.5000 (low Mar.4) ahead of 1.4985 (2013 low Mar.1) and then 1.4949 (low Jul.12 2010).

On the upside, a breakout of 1.5110 (hourly high Mar.6) would aim for 1.5200 (high Mar.5) and finally 1.5223 (high Feb.28).