GBP/USD finds support at 1.5670

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GBP/USD finds support at 1.5670

FITITOL--> FXstreet.com (Córdoba) - The Cable continues to trade inside a limited range on Tuesday, unable to set fresh direction ahead of key events this week. GBP/USD failed to break decisively above 1.5710 during the European session and slid to a low of 1.5669 following a string of mixed UK data.

However, the pair found support at the 1.5670 are and recently bounced back toward the 1.5685/90 zone, where it is trading at time of writing, virtually unchanged since opening.

"The first levels of supply are located at 1.5663 (18th June 19th June bottom), 1.5566(Multiple June bottoms), 1.5488 (double touch on 12th June), 1.5405 (8th June low), 1.5374 (6th June low), 1.5321 (5th June low), then 1.5268 (13th Jan low)", says the Swissquote Bank SA team.

"If the GBP bulls manage to impose themselves, the next resistance levels could be found at 1.5785 (23rd May high), 1.5852 (22nd May hi gh), 1.5954 1st Mar pivot high), 1.6066 (support turned resistance), 1.6207 (4th May high), 1.6302 (30th May high), 1.6335 ( 31st Aug 11' high), 1.6455 (29th Aug 11' high)", they add.