Forex: GBP/USD retraces from highs

FXstreet.com (Barcelona) - After posting fresh weekly highs around the 1.5875 region, the sterling has retreated to the vicinity of 1.5860, against a drop of rising risk appetite.

In the opinion of I.Spivak, Currency Strategist at DailyFX, "prices are testing support in the 1.5769/84 area, marked by the March 22 low and the 50% Fibonacci retracement. A rebound sees initial resistance at 1.5906, the 61.8% Fib. Alternatively, a break lower exposes the 1.5638/62 region, defined by a horizontal pivot set from mid-February and the 38.2% retracement.

As of writing, GBPUSD is up 0.12% at 1.5851 and a breakout of 1.5912 (high Aug.23) would bring 1.5933 (high May 17) and then 1.5997 (high May 16).
On the flip side, support levels lie at 1.5803 (low Aug.29) followed by 1.5800 (MA10d) and finally 1.5754 (low Aug.28).