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GBP/USD recovers ground but falters ahead of 1.57

FXStreet (Córdoba) - GBP/USD managed to erase intraday losses and trades little changed on the day, but remains on track to post its fifth weekly loss in a row.

GBP/USD fell to a 2-day low of 1.5625, following EUR/USD losses incurred on the back of Draghi’s dovish comments, but managed to recover some ground as the dollar weakened after PboC move. However, the Cable’s bounce was capped by the 1.5690 area, confining the pair to a narrow range. At time of writing, GBP/USD is trading at 1.5670, down 0.12% on Friday.

GBP/USD technical levels

As for technical levels, immediate resistances line up at 1.5690 (intraday level), 1.5715 (200-hour SMA) and 1.5736 (Nov 20 high). On the other hand, supports for GBP/USD are seen at 1.5625 (Nov 21 low), 1.5600 (psychological level) and 1.5589 (2014 low Nov 19).

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