Forex: GBP/USD extends its decline, eyes on 1.5500

The sterling is intensifying its downside on Thursday, as risk aversion is taking over the markets. The bearishness surrounding GBP is dragging the cross to the vicinity of the key support at 1.5500 as the negative effects of the BoE inflation report are still weighting.

At the moment, the cross is losing 0.18% at 1.5513 facing the immediate support at 1.5506 (low Aug.3) ahead of 1.5490 (low Aug.2) and then 1.5458 (low Jul.26).
On the flip side, a surpass of 1.5690 (high Feb.13) would aim for the psychological level at 1.5700 en route to 1.5712 (MA10d).