GBP/USD tests 1.5700

FXstreet.com (San Francisco) - The cable is extending daily gains on Friday and after rising from 1.5575 in the US opening bell, the GBPUSD is testing the 1.5700 level. Currently the pair is pricing at 1.5686, 1.07% above today's opening price action.

Pair looks "Slightly Bullish" and "Extremely Oversold" according to the FXstreet.com technical analysis. "Clearance of 1.5700 is required to re-focus key short-term barriers at 1.5748, 200 day MA and 1.5776, 20 June peak," comments Slobodan Drvenica from Windsor Brokers Ltd.

"Corrective easing is seen on overextended hourly conditions, however, downside is seen protected at 1.5650 and broken bear-trendline at 1.5615," points Drvenica. "Loss of which will weaken near-term structure."