Forex: GBP/USD bounces off lows, around 1.5730

FXstreet.com (Barcelona) - After dipping to the boundaries of the key support at 1.5700, the sterling has managed to gather traction and go back to the area around 1.5730 on Monday.

"Prices broke support at 1.5822, the November 15 low, exposing the 1.5736-46 area marked by a former resistance level and the 123.6% Fibonacci expansion. A further push below that aims for the 138.2% Fib. at 1.5695", assesses I.Spivak, Currency Strategist at DailyFX.

GBPUSD is now down 0.19% at 1.5732
Next support levels align at 1.5706 (low Aug.21) ahead of 1.5678 (low Aug.20) and then 1.5674 (low Aug.17).
On the upside, a break above 1.5795 (hourly high Jan.28) would aim for 1.5852 (high Jan.24) and 1.5876 (MA10d).