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Forex: GBP/USD regains the 1.5600 level

The GBP/USD has recovered during the late morning of European trading, having risen off of its session lows at 1.5572. The earlier publication of data in the UK has apparently steadied the nerves of GBP proponents, as the cross has pared some of its losses to trade presently at 1.5613/15, still down -0.28% Tuesday.

According to Independent Analyst, Valeria Bednarik at FXstreet.com, “The GBP/USD broke below the long term ascendant trend line coming from 1.3502 after the UK data – the bearish pressure is indeed increasing as the latest dollar kneejerk reaction saw the pair completing a pullback to the line, with price quickly retracing from it, which suggest sellers are now aligned in the area presently.”

Mataf.net analysts point to supportive bastions at 1.5601, followed by 1.5540 down to 1.5436. Conversely, a prolonged recovery towards 1.5766 will initiate resistances at 1.5870 and 1.5931.

European equity markets advance Tuesday

European equity markets notched modest gains Tuesday, as market participants digest the recent G7 statement and eye the vaunted ECB President Draghi Speech at 15:30 GMT later today.
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