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GBP/USD regains 1.6600

FXStreet (Edinburgh) - The sterling keeps pushing higher at the beginning of the week, pushing the GBP/USD back above the critical 1.6600 handle.

GBP/USD eyes on UK data

Spot is printing fresh 2-week highs around 1.6620 ahead of key UK data releases due later: manufacturing PMI tracked by Markit in August (55.0 exp.) and July Mortgage Approvals (66.6K exp.). Further data will see M4 Money Supply and Consumer Credit. Strategists at ANZ commented, “Net long positions in GBP continue to be reduced for the ninth consecutive week… This is despite the Bank of England’s August Monetary Policy Committee meeting minutes (released on 20 August) revealing that 2 out of 9 members voted for an increase in the base rate by 25bps. It is likely that the upcoming Scottish referendum on 18 September is contributing to the GBP positions’ unwind”.

GBP/USD key levels

The pair is now up 0.17% at 1.6625 with the next resistance at 1.6680 (high Aug.20) and then 1.6692 (200-d MA). On the flip side, a breakdown of 1.6568 (low Aug.28) would expose 1.6537 (low Aug.27) and finally 1.6460 (low Mar.24).

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