Forex: GBP/USD quiet above fresh 5-month lows 1.5630

Quiet Asian session for Cable, last at 1.5660, unchanged from its NY close, and trapped inside a thin trading range 1.5650/65 following the bounce in mid NY session at fresh 5-month lows 1.5630. The pair reached a fresh weekly high yesterday at 1.5804 with better than expected UK PMI services data at 51.5, best in 4 months, but it then started to see strong sells, breaking into the new mentioned lows.

For the London session ahead there will only be UK Halifax HPI data at 08:00 GMT before BoE meeting tomorrow, and crude oil inventories at 15:30 GMT coming from the US. Since year started, Cable has lost -3.5% in value against the USD. Since mid January, Pound is weakest currency among majors, only above the Yen, while against Euro, EUR/GBP is back again to recent highs area, last at 0.8674, near 15-month highs level.

Immediate support to the downside for GBP/USD lies at yesterday's fresh 5-month lows 1.5630, followed by Aug 10 lows at 1.5574, and Aug 02 lows at 1.5486. To the upside, nearest term resistance comes at Jan 28 lows 1.5673, followed by Friday's lows at 1.5679, and June 30/yesterday's Asian session lows at 1.5724.