The factors of 49 are 1, 7, and 49.
The factors of 56 are 1, 2, 4, 7, 8, 14, 28, and 56.
The greatest common divisor of 49 and 56 is 7.
Divide both the numerator and the denominator by 7:
49 ÷ 7 = 7
56 ÷ 7 = 8
Therefore, 49/56 simplifies to $\boxed{7/8}$