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GBP/USD breaches 1.6100

FXStreet (Edinburgh) - The sterling is now losing the grip, dragging GBP/USD back below the 1.6100 handle amidst renewed sentiment towards the greenback.

GBP/USD focus on the BoE

The pair is giving away part of the recent rebound from ytd lows posted last week around 1.5870, following a resurgence of the demand for the US dollar. Against the backdrop of increasing weakness surrounding the riskier assets, traders will closely follow today’s BoE minutes in order to find new clues regarding the start of the hiking cycle by the central bank. Next of relevance in the UK economy will be tomorrow’s retail sales and Friday’s Q3 GDP figures.

GBP/USD key levels

At the moment the pair is losing 0.20% at 1.6077 and a breakdown of 1.6031 (Tenkan Sen) would expose 1.5940 (low Oct.16) and then 1.5875 (low Oct.15). On the flip side, the initial hurdle aligns at 1.6186 (high Oct.21) ahead of 1.6200 (psychological level) and then 1.6226 (high Oct.9).

Brent steady above USD 86

Brent crude oil is trading steady above USD 86/barrel after prices recovered from the four-year lows hit last week. Crude prices have recovered after major investment banks said the rout may be over.
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