Forex: The GBP/USD extends decline below the 1.5100 mark

FXstreet.com (San Francisco) - The Sterling has declined further on the back of King's comments on more QE and after falling around 100 pips from 10-day highs at 1.5175, the pair has broken down the 1.5100 mark to tests intra-day lows at the 1.5070 area. Currently the pair is trading at 1.5087.

Almost flat on the day, the pair is trading inside a slightly bearish trend according to the FXstreet.com Forex Studies. CCI and Momentum indicators are bearish while the MACD and Stochastic are neutral in the 1-hour chart.

Mervyn King said that he sees a case for more asset purchases to aid the UK recovery.

Next supports come at 1.5070, 1.5040 and 1.5000. Resistances are at 1.5100, 1.5140 and 1.5175.