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GBP/USD toying with 1.5900

FXStreet (Edinburgh) - The sterling is following its European counterpart on Monday, with GBP/USD now hovering over the 1.5900 handle before the opening bell in London.

GBP/USD firmer, back from lows

After briefly dipping to sub-1.5800 levels on Friday, spot managed to regain traction and surpassed the 1.5900 handle during the Asian trading hours, posting session highs at the same time. There are no scheduled data in the UK economy today, leaving GBP to the mercy of the broader risk appetite trends. According to analysts at UOB Group, “the low of 1.5791 last Friday did not reach the 1.5780 target. The subsequent rebound has resulted in a mixed to slightly positive outlook. Allow for a dip towards 1.5830 but if 1.5780 continues to hold, this could lead a stronger rebound towards 1.5910”.

GBP/USD levels to consider

As of writing the pair is advancing 0.19% at 1.5907 and a surpass of 1.5918 (hourly high Nov.10) followed by 1.5960 (hourly high Nov.6) and then 1.5969 (10-d MA). On the flip side, the initial support aligns at 1.5871 (hourly low Nov.10) ahead of 1.5791 (low Nov.7) and finally 1.5776 (low Sep.12 2013).

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