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Forex: GBP/USD settles within a range after steep decline
After dropping more than 150 pips and hitting its lowest level in over 6 months in the wake of the BoE King comments, GBP/USD managed to stabilize in a narrow range.
As most crosses in the FX space, GBP/USD showed muted reaction to the latest string of US data, which came mainly in line with expectations, and it is currently trading around 1.5570, where it prints a 0.6% daily loss, having bounced from 1.5532.
"Technical readings in 4 hours chart are also strongly bearish, while daily low of 1.5532 acts as immediate support; a daily close below 1.5500, will confirm the continuation towards 1.52 over the next few days", says Valeria Bednarik, chief analyst at FXstreet.com.
