GBP/USD retreats from 1.5600

FXstreet.com (Córdoba) – The pound rose during the American session, erasing previous losses and reached 1.5600, the highest price since last Wednesday. The pair failed to break above the 1.5600 mark and retreated to 1.5565. Currently trades at 1.5570/76, 0.35% above today’s opening price.

“A combination of GBP’s so-called EUR hedge appeal which remained weak amid uncertainty over the Iberian Peninsula, together with speculation that in order to counteract persistently high inflation the BoE may be forced into raising the interest rate saw the pair recover and finish near the unchanged mark”, the Talking-Forex.com Analyst Team said.

According to Talking-Forex.com resistance levels are seen at 1.5580 and 1.5630/50 while to the downside, a major support level lies at the 200-daily moving average at 1.5418 and then at 1.5410.

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