Recent recovery of GBP/USD amid European stocks opening with some optimism, was not enough to trigger a bullish run in the pair, as 20 SMA in the hourly chart around 1.5800 capped the upside. The pair resumed its bearish trend from the area, with hourly indicators heading back south below their midlines, and price reaching a fresh daily low at 1.5744. Worse than expected employment data in the UK surely add to the negative bias, while the bearish momentum in bigger time frames is also clear: lose of 1.5740 now should point for a continuation rally towards the 1.5660/80 price zone, followed later by 1.5620 area.
A recovery needs to see price settle above 1.5810, to extend near 1.5850/70 level.
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