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GBP/USD recovery loses momentum

FXStreet (Córdoba) - GBP/USD managed to move away from daily lows struck on the back of disappointing UK retail sales, but the recovery was faint, confining the pair to sideways trade, with the latest string of US data having little, if anything, impact on the dollar.

GBP/USD fell to a low of 1.5993 during the European session, but it didn’t stay long below the 1.6000 mark, and climbed to the 1.6040 area before finding intraday resistance. Cable then steadied in a slim range and it was last at 1.6027, still 0.13% below its opening price.

GBP/USD levels to watch

In terms of technical levels, GBP/USD could find immediate resistances at 1.6059 (Oct 23 high/10-day SMA), 1.6100/02 (psychological level/20-day SMA) and 1.6130 (Oct 22 high). On the flip side, supports are seen at 1.5993 (Oct 23 low), 1.5940 (Oct 16 low) and 1.5900 (psychological level).

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