Forex: GBP/USD quiet below 1.5800, Bernanke awaited

FXstreet.com (San Francisco) - Little of interest is happening in GBPUSD this Friday in Asia, as the pair trades sideways beneath the 1.5800 handle today, last at 1.5792.

Overnight, price set a daily low at 1.5770 with a "strong bearish outlook," says Valeria Bednarik, Chief Analyst at FXstreet.com. Also, a bearish outside day bar formed on the daily chart as Thursday's range completely engulfed the range of the previous day.

"A break below this last should open doors for a stronger downside continuation that may reach 1.5660 if [today's] Bernanke speech does not point for soon to come easing," comments Ms. Bednarik.

If GBPUSD manages to break out of its tight range, support levels are noted at 1.5740 and 1.5700, while resistance levels lie at 1.5810, 1.5840 and 1.5885.

In the sessions ahead, the UK's non-seasonally adjusted Nationwide Housing Prices data for August will be key risk event for GBP, but the market is likely to be distracted as it awaits Bernanke's speech at Jackson Hole.