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GBP/USD back to 1.6070

FXStreet (Edinburgh) - The upbeat tone in the sterling is running out of steam, pushing GBP/USD back to the 1.6075/70 band.

GBP/USD looks to the BoE

The break above the 1.6100 handle lacked of conviction earlier on, triggering the current drop from session peaks beyond 1.6120. The GDP Estimate gauged by NIESR came in at 0.7% in the three months ended in September, a tad lower than the previous 0.8%. Ahead in the week, the housing sector will be in the limelight following gauges by Halifax and Rics indexes, all preceding the BoE MPC meeting on Thursday. In the opinion of Dmytro Bondar, Technical Analyst at RBS, “in the short term, a daily Piercing candlestick pattern has formed, indicating a bounce from the 1.5973 support level for the week ahead. Depending on the signals developing during this bounce, it would confirm whether this is just a temporary correction in a continuing downtrend or a major reversal point”.

GBP/USD levels to consider

As of writing the pair is losing 0.01% at 1.6080 with the next support at 1.6009 (61.8% of 1.5943-1.6117) followed by 1.5943 (low Oct.6) and then 1.5879 (low Nov.13 2013). On the flip side, an advance beyond 1.6140 (high Oct.3) would aim for 1.6241 (high Oct.2) and finally 1.6251 (high Oct.1).

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