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GBP/USD falls to test the 1.5675 again

FXStreet (San Francisco) - After failing to maintain levels above 1.5700 twice, the GBP/USD lost almost all previous gains and fell to test the 1.5675 level again.

Currently, GBP/USD is trading at 1.5685, up 0.05% on the day, having posted a daily high at 1.5739 and low at 1.5632. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.

GBP/USD sentiment

According to Greg Michalowski from forexlive, the GBP/USD was "testing a number of levels including the 200 hour MA, the 38.2% retracement at 1.5726. The 1.5720 is the 61.8% of the move up from the 2103 low to the 2014 high. The high from the Monday. Michalowski points out that "all these levels are trying to put a lid on the GBPUSD today."

If the pair extends decline beyond 1.5675, it will find next supports at 1.5650 and 1.5630. To the upside, resistances are at 1.5725, 1.5735 and 1.5800.

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