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Forex: GBP/USD trades back to 1.5530 after reaching fresh 11-week highs

FXstreet.com (San Francisco) - Following the US PMI and Sentiment data, the GBP/USD reacted to the upside with the GBP/USD rising around 70 pips to the highest level since February 13th at 1.5570. But the Cable found resistance at this level and the pair is currently trading lower at the 1.5530 area.

With 0.22% gains on the day, the GBP/USD is trading slightly bearish according to the FXstreet.com trend index. Indicators such as the CCI and the Momentum are pointing south while the MACD and the Stochastic are neutral in the 15-minutes chart.

Below the 1.5530, immediate supports could be found at 1.5465 (daily low) and 1.5417 (low Apr 26). On the upside, next resistances are seen at 1.5566 (daily high and 100-day SMA), followed by 1.5600 (psychological level).

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