FXStreet (Córdoba) – GBP/USD has been retracing intraday gains after the latest upside attempt was capped by the 1.58 mark during the European session.
GBP/USD climbed to a high of 1.5801 but failed to sustain gains and dropped all the way back to the 1.5710 region, where it trades negatively on the day. Cable has been on the defensive this week mainly due to broad USD strength, having pulled back from a 2015 peak of 1.5929 scored last Thursday.
GBP/USD technical perspective
Valeria Bednarik, chief analyst at FXStreet notes that GBP/USD downside seems favored with short-term charts supporting a retest of the 1.5700 level.
Bednarik locates immediate support levels at 1.5700, 1.5650 and 1.5620, while resistances are seen at 1.5750, 1.5790 and 1.5840.
(Market News Provided by FXstreet)