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The GBP/USD collides with the MA-200 hours at 1.5705

FXStreet (San Francisco) - The pound rose 85 pips from 1.5625 to reach an intraday high of 1.5715 versus the US Dollar, where the pair found selling interest that sent it back below the MA 200-hours level at 1.5705.

Currently, GBP/USD is trading at 1.5698, up 0.23% on the day, having posted a daily high at 1.5717 and low at 1.5629. The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.

GBP/USD sentiment

Greg Michalowski from ForexLive asks "Is the break of the 200 hour MA signal the end of the bearish move in the GBPUSD?" He is "not convinced yet," as "the two peaks recently have reversed at the 1.5734 area."

Above the 1.5705, the GBP/USD will find resistances at 1.5715, 1.5735 and 1.5775. To the downside, supports are at 1.5675, 1.5630 and 1.5600.

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