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GBP/USD flat-lining near 1.6130

FXStreet (Edinburgh) - The sterling is following its European peer on Tuesday, pushing GBP/USD back to the 1.6130 area, or session lows.

GBP/USD capped at 1.6180

Spot is retreating for the first time after four consecutive advances, bouncing from ytd lows around 1.5870 posted last week, although gains seem to be capped by the 1.6180 neighbourhood so far. Ahead in the week, the key BoE minutes are due tomorrow followed by UK retail sales (Thursday) and Q3 GDP figures (Friday). “We continue to target the 1.5855 November 2013 low. Beyond this we look for losses to 1.5721 the 61.8% retracement of the move from 2013”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.

GBP/USD levels to watch

As of writing the pair is down 0.17% at 1.6135 with the next support at 1.6088 (10-d MA) ahead of 1.6051 (Tenkan Sen) and then 1.5940 (low Oct.16). On the other hand, a surpass of 1.6189 (30-d MA) would open the door to 1.6200 (50% of 1.6525-1.5875) and finally 1.6226 (high Oct.9).

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