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GBP/USD pressing on the 1.59 handle

FXStreet (Barcelona) - GBP/USD is trading at 1.5902, down -0.01% on the day, having posted a daily high at 1.5908 and low at 1.5901.

GBP/USD is being held up on the decent at the 1.59 handle but below here is going to be real danger territory for the less committed bulls on a possible squeeze testing the barriers in stop territory. The Pound is on the back foot as markets begin to question whether a rate hike as early as the first quarter from the BoE would be appropriate while a period of reflation seems questionable given todays recent results from the UK calendar. UK September CPI inflation gave the market a surprise disinflationary result with the core CPI reading far lower than expectations and was delivered at 1.5% y/y in September vs 1.8% expected.

GBP/USD noteworthy levels

With spot trading at 1.5902 we can see next major resistance ahead at 1.5945 (Weekly Classic S1), 1.5971 (Daily Classic S3) and 1.6002 (Hourly 20 EMA). Support below can be found at 1.5880, 1.5850, 1.5812 (Weekly Classic S2), 1.5671 (Weekly Classic S3) and 1.4868.

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