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GBP/USD wavers below 1.5700

FXStreet (Córdoba) - GBP/USD oscillated below the 1.57 mark during the European session amid BoE MPC members comments before lawmakers. Among remarks, BoE Governor Carney said he expects UK recovery to continue but remains an economy that requires stimulus.

GBP/USD extended its decline to a low of 1.5647 but managed to recover some ground and settled in a range just below 1.5700. At time of writing, Cable is trading at 1.5675, still 0.19% below its opening price.

From a broader view, GBP/USD is going through a consolidation phase near 2014 lows, below the 61.8% retracement of the July 2013-July 2014 rally between 1.4812 and 1.7190.

GBP/USD levels to watch

In terms of technical levels, GBP/USD could find next supports at 1.5647 (daily low), 1.5625 (Nov 21 low) and 1.5589 (2014 low Nov 19). On the flip side, resistances are seen at 1.5700 (psychological level), 1.5714 (Nov 24 high) and 1.5734/36 (Nov 20 & 17 highs).

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