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Forex: GBP/USD stalls the recovery below 1.5700

GBP/USD has been recovering since Tuesday's fresh 6-month lows at 1.5571 following UK CPI data yesterday, last at 1.5683, off recent session highs at 1.5689. The pair is higher from previous Asia-Pacífic open by +0.19% though still below weekly start by -0.73%, ahead of key BoE inflation report and gov King speech at 10:30 GMT.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “the GBP/USD hourly chart shows a timid upward momentum, with price still unable to clearly overcome 1.5680 static resistance level. However, the daily chart shows a clear reversal candle, that suggest the pair may have found and interim bottom,” the analyst suggests, adding: “recovery may extend more if above 1.5710, with 1.5770 at sight for today,” she concludes.

Valeria finds support levels at: 1.5630, 1.5600 and 1.5570, while resistance levels at: 1.5680, 1.5710 and 1.5750.

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