GBP/USD fails to sustain above 1.5700

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GBP/USD fails to sustain above 1.5700

FITITOL--> FXstreet.com (Córdoba) - The cable remains confined to a limited range on Tuesday, as it failed once again to extend gains past the 1.5710 level during the New York session.

GBP/USD bounced from the 1.5655/60 zone and climbed back above 1.5700 amid improved sentiment, but lacked upward momentum and pulled back. At time of writing, the cross is quoting at the 1.5690/95 area, little changed since opening.

From a technical view, "The near-term price action remains congested at 1.5700 zone, as yesterday's spike higher failed to regain 1.5732/49 barriers. Hourly studies are losing traction, with initial support at 1.5650/40, coming under pressure", said Slobodan Drvenica, analyst at Windsor Brokers Ltd.

"However, overall picture still keeps positive tone, but failure to clear 200 day MA at 1.5749 and 20 June peak at 1.5776, may result in fresh weakness that will be confirmed on a break below 1.5600 handle", he added.