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GBP/USD drifting lower

FXstreet.com (London) - GBP/USD made a big figure move on the session yesterday with the psychological 1.5000 level well supported. On poorer US data, the pair ran up to find resistance at 1.5240 level’s and now drifts lower into the London open.

At time of writing the pair has been oscillating 15 pips around 1.5215/30. It failed to keep its ground much higher, but could re-attempt the 23.6% correction zone if it fails to break the support zone 1.5080 with lower closes. With a light calendar today, eyes are on next week BoE and US Non-Farm.

The jobless date and GDP were pretty much in line yesterday, so the BOE next week is going to be gaining more focus with the recent drop off in CPI. There is speculation that the chances of easing have now increased. Next weeks PMIs will be in focus as well. Intra-day 1.5200 is the first level that should hold on a light economic calendar, before 1.5245 while 1.5100-15 is first support before 1.4995. The Broader trend is to the downside on the charts beneath 1.5770 targeting last summer lows, 1.4250 zones.

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