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GBP/USD recovery capped by 1.5700

FXStreet (Córdoba) - GBP/USD extended losses into a third consecutive day Friday and printed yet another cycle low during the European session as the pound continues to suffer on the back of a more dovish BoE stance made evident at the latest Quarterly Inflation report (QIR).

GBP/USD broke below the 61.8% retracement of the broader 1.4812-1.7190 rise and the 1.57 mark to touch its lowest level since Sept 9 2013 at 1.5653. Even though, Cable managed to recover slightly from lows, the bounce was capped by the 20-hour SMA around 1.5695, confining the pair to a phase of consolidation.

GBP/USD technical levels

At time of writing, GBP/USD is trading at 1.5670, 0.25% below its opening price, with next supports seen at 1.5653 (Nov 14 low), 1.5612 (Sept 9 2013 low) and 1.5600 (psychological level). On the other hand, resistances could be found at 1.5695 (20-hour SMA), 1.5709 (Nov 14 high) and 1.5780 (Nov 13 high).

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