Forex: GBP/USD falls to 5-month lows

FXstreet.com (Córdoba) - The pound continues to weaken on Monday and extended the recent selloff toward its lowest level since late August, just ahead the 1.5800 level.

GBPUSD has lost over 80 pips from highs and after breaking below the 1.5820 area (November lows), it accelerated to a low of 1.5804 before pausing the decline. At time of writing, GBPUSD is trading around 1.5810, recording a 0.4% loss on the day.

On the downside, immediate supports for the Cable are seen at 1.5800 (psychological level) and 1.5770 (Aug 30 low), while on the upside, the 1.5820/30 area (former support) should now offer resistance ahead of 1.5870 (intraday level) and 1.5900 (psychological mark).