GBP/USD bounces off lows

FXstreet.com (New York) - The GBP/USD foreign exchange rate plummeted towards the 1.5616 level earlier (session lows), only to rebound and retrace some of its losses in recent moments.

GBP/USD still incurring heavy losses

At the time of writing, the GBP/USD technical pair is operating at the 1.5636 barrier, down a staunch -0.53% during European trading Friday. Following a break below support at 1.5659, the pair will encounter the next corrective levels of support at 1.5606 and 1.5567. Conversely, a movement higher will eventually test resistances at 1.5751, followed by 1.5790, and 1.5843, notes the Mataf.net analyst team.

GBP/USD indicators reveal upside

According to the technical analyst team at ICN.com, “The GBP/USD confirmed stability above 113% Fibonacci at 1.5680, which increases positivity previously gained from stabilizing above 1.5605. Prolonged stability above the referred to level might help extend the upside wave. Despite overbought signals on momentum indicators, however the linear regression indicators are biased to the upside and support our expectations.