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GBP/USD fails to sustain gains

FXStreet (Córdoba) - GBP/USD failed to benefit from solid UK employment data and remained capped by the 1.5940 zone after bouncing from a fresh cycle low of 1.5875.

UK unemployment rate dropped more than expected, coming in at a 6-year low of 6% versus 6.1% of consensus. However, Cable quickly surrendered data-inspired gains and is back at the 1.5915 zone, up 0.1% on the day, after peaking at 1.5940.

GBP/USD lost 1.13% Tuesday on the back of soft UK inflation data and broad USD strength amid risk aversion.

GBP/USD technical perspective

“The immediate resistance comes at 1.5950, former monthly low, and only a clear recovery above it will favor some further advances up to 1.6000 price zone”, said Valeria Bednarik, chief analyst at FXStreet. “To the downside, a downward acceleration through 1.5890 should trigger a new round of selling towards fresh lows at the 1.5850/60 price zone”.

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