Forex: GBP/USD settles around 1.5800

FXstreet.com (Córdoba) - After falling to a fresh 5-month low of 1.5744 on the back of weak UK GDP, the cable found buyers and bounced during the American session, although it was capped by the 100-hour SMA around 1.5825.

GBP/USD then entered in a consolidation phase that has extended through the last hours, contained by 1.5790 on the downside. At time of writing, GBP/USD is trading at the 1.5800/05 region, still up 0.1% on the day. The cross however, is set to close the week with a net loss for second time in a row, this time of 0.3%.

As for technical levels, Valeria Bednarik, chief analyst at FXstreet.com sees immediate supports at 1.5795, 1.5760 and 1.5730, while she places resistances at 1.5800, 1.5850 and 1.5885.

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