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GBP/USD bid within broader bearish trend

FXStreet (Guatemala) - GBP/USD is trading at 1.5695, up 0.22% on the day, having posted a daily high at 1.5707 and low at 1.5629.

GBP/USD is out of the danger zone and was as high as through the 1.57 handle earlier, dropping back slightly currently with immediate supply addressing the scene. However, the short-term trend is bid and while above 1.5590 the pair trades within familiar neutral ranges and it is unlikely that we will see any major moves outside of that while the market is focused on tomorrow’s appearance by governor Carney who will be in front of the Parliament’s Treasury Select Committee. We also have a series US data this week including Q3 GDP where consensus is for slightly lower than previous.

GBP/USD noteworthy levels

With spot trading at 1.5696, we can see next resistance ahead at 1.5696 (Weekly High), 1.5707 (Daily High), 1.5710 (Daily Classic R1) and 1.5737 (Weekly Classic R1). Support below can be found at 1.5694 (Hourly 200 SMA), 1.5668 (Daily Classic PP), 1.5667 (Hourly 20 EMA), 1.5664 (Hourly 100 SMA and Weekly Classic PP) ahead of 1.5610 and 1.5590 recent low.

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