Forex: GBP/USD sideways trading at 1.5315/17

FXstreet.com (Barcelona) - The GBP/USD has been confined to a relatively narrow spread today of 50 pips, having failed to break out in either direction. As the pair is trading sideways in positive territory, it has netted a modest advance of +0.06% in these moments, settling at 1.5315/17.

The GBP/USD has managed to breach the initial resistance level of 1.5260-turned into support- to confirm the rebound from 1.5020 zones as seen on the provided daily chart. The current upside recovery may continue supported by stability above 20 and 50-day SMA, mainly targeting the 1.5500 level.” warns the ICN.com analyst team.

According to Research Analyst Gareth Berry at UBS, “We remain strictly neutral for the GBP/USD – indeed, the important resistance is at 1.5424, while a closing break above this would extend the recovery to 1.5606.”