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GBP/USD rises above 1.5950 after US data

FXStreet (Córdoba) - GBP/USD edged higher and printed fresh daily highs after a series of dismal economic data out from the US.

US retail sales fell in September for the first time in eight months, printing a 0.3% decline versus a drop of 0.1% expected. Meanwhile, producer prices dropped a seasonally adjusted 0.1%, posting the first decline in more than a year. The greenback weakened broadly after data and lifted GBP/USD above 1.5950.

Earlier on the day, solid UK employment data supported a GBP advance, but lacked follow through and stalled at the 1.5940 zone. Now, soft US data helped the pair to push higher, with a peak scored at 1.5974 so far, almost a hundred pips away its recent low.

GBP/USD levels to watch

As for technical levels, immediate resistances are now seen at 1.6000 (psychological level) and 1.6058 (10-day SMA). On the flip side, supports could be found at 1.5896 (Oct 14 low) and 1.5876 (Oct 15 low).

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