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Forex: GBP/USD treads water around 1.5650

Following a steep decline toward a 6-month low of 1.5570, the Cable managed to bounce back above the 1.5600 level and having erased completely its intraday losses, it currently trades around the 1.5650/60 zone, where it is virtually unchanged since opening.

The GBP/USD fell below the 1.5600 mark during the European session in the wake of softer than expected UK CPI figures, which registered marginally lower than forecasted.

As for technical levels, next resistances are seen at 1.5670 (intraday high), 1.5700 (psychological level) and 1.5725 (10-day SMA). On the downside, supports could be found at 1.5600, 1.5570 (intraday low) and 1.5547 (low Aug 6 2012).

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