Forex: GBP/USD extends recovery above 1.5750

The Cable extends its correction after falling below 1.5700 at the weekly opening, having risen over 80 pips throughout the day to print a daily high of 1.5770 in recent dealings. At time of writing, GBP/USD is quoting around 1.5760/65, up 0.5% on the day.

From a technical view, "Current bounce is seen as further consolidation ahead of fresh leg lower, as previous recovery attempt was rejected on approach to psychological / 200 day MA resistance that keeps the upside limited for now", says Slobodan Drvenica, analyst at Windsor Brokers Ltd.