The GBP/USD bottomed during the European session at 1.5729 and rebounded moving off session lows. The recovery of the Pound found resistance at 1.5795 and failed to rise back above 1.5800.
“In the short term, the pair has been finding resistance at the 1.5800 price zone, meaning accelerations above the level should lead to a recovery towards the 1.5860 area over the upcoming sessions”, said Valeria Bednarik, Chief Analyst at FXstreet.com. According to her to the downside a candle opening below 1.5730, “should put some extra pressure in the cross, with 1.5660/80 area as immediate bearish target.”
In the last hours the GBP/USD has remain relatively steady hovering around 1.5760/80, less than 50 pips below the price it had at the beginning of the day.