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GBP/USD: recovery loses momentum

FXStreet (Córdoba) - The recovery of the pound against the dollar from 1-year lows stalled at the 1.5915 zone at the beginning of the New York session.

GBP/USD moved away its recent low of 1.5789 and trimmed losses, underpinned by profit taking and a broad based dollar correction after a steep rally. Cable climbed to a high of 1.5916 before losing momentum and settling in a slim range just below 1.5900. At time of writing, GBP/USD is trading at 1.5890, still up 0.14% from Friday’s close.

GBP/USD short-term outlook

Valeria Bednarik, chief analyst at FXStreet, notes GBP/USD lacks bullish strength in short-term charts. “The immediate resistance stands at 1.5920, and it will take some steady gains above it to confirm further intraday gains, eyeing then 1.5950/60 price zone in the short term”, said the analyst. “Friday’s close on the other hand stands as the immediate short term support at 1.5870, with a downward acceleration below opening doors for a steady decline towards 1.5820/30 price zone”.

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