Forex: GBP/USD stuttering after morning collapse

FXstreet.com (Barcelona) - Having declined from its morning support at the 2009 uptrend line around 1.5660-80, GBPUSD declined to test 1.5600, posting a low at 1.5571.

The decline came following softer than expected UK CPI figures which registered marginally lower than forecasted. With an with a long term up-trendline dating back to 2009, a particular focus was put on the downside today, with spot testing for the second time in as many weeks. The push lower has seen 1.5600 come into focus and where spot is currently stuttering, looking for direction. Hourly RSI is currently at 33 and holding a soft upside bias.