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GBP/USD climbs beyond 1.6100

FXStreet (Edinburgh) - Better sentiment now surrounding the sterling is pushing GBP/USD back above the 1.6100 mark on Monday.

GBP/USD extends the rebound from 1.6000

The pair is now advancing for the second consecutive session and is looking to extend the recent bounce off recent lows around the psychological handle at 1.6000. Data wise in the UK, the week lacks of appeal, however Consumer Credit, M4 Money Supply and home prices tracked by Nationwide will keep investors entertained. “Net leveraged GBP longs on the CFTC front were reduced significantly for the third consecutive week, mirroring the waning of overly hawkish BOE expectations. In the short term, the pair may attempt to continue base building within 1.6000-1.6200 multi-session”, noted Emmanuel Ng, FX Strategist at OCBC Bank.

GBP/USD levels to watch

As of writing the pair is up 0.17% at 1.6116 facing the next up barrier at 1.6130 (high Oct.22) ahead of 1.6146 (Kijun line) and then 1.6164 (30-d MA). On the flip side, a break below 1.6031 (Tenkan Line) would open the door to 1.6018 (low Oct.24) and finally 1.5995 (low Oct.23).

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