FXStreet (Córdoba) - The GBP/USD has managed to extend its recovery during the European session, filling the downward opening gap in the process.

The GBP/USD has been in slowly moving away from fresh 5-month lows scored at the opening, having regained the 50-hour SMA and moving closer to the 1.6600 zone. At time of writing, the Cable is trading at the 1.6590 zone, 0.10% above its opening price.

In the absence of fresh economic data, investors are still assessing Friday’s Yellen speech, which was perceived as less dovish by markets.

GBP/USD technical outlook

“The overall outlook below 1.6600 intraday resistance remains bearish, for a slide towards 1.6460”, said Stoyan Mihaylov, analyst at Deltastock. “Crucial on the upside is 1.6650-70 area”.

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