GBP/USD could extend its rebound if it manages to clear 1.1600

GBP/USD clings to daily recovery gains above 1.1550. The pair needs to clear 1.1600 to attract buyers, FXStreet’s Eren Sengezer reports.

The near-term technical outlook points to a bullish shift

“Near-term technical outlook points to a bullish tilt following the latest rebound.”

“1.1600 (psychological level, static level) aligns as immediate resistance. In case the pair manages to hold above that level, the 1.1640/50 area (50-period SMA, static level) could be seen as the next hurdle ahead of 1.1700 (static level, psychological level).”

“On the downside, 1.1550 (20-period SMA) forms first support before 1.1500 (psychological level, upper limit of the descending channel) and 1.1440 (September 5 low).”