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GBP/USD shyly jumps to 1.6015 amid US trade balance

The GBP/USD timidly edged upwards after a larger than expected deficit in September trade balance between the US and the world.

Following the publication of the data, the GBP/USD rose 20 pips from 1.5995 to break previous highs 1.6005 and operate daily highs at 1.6015.

US widens its trade balance deficit to $43.03B in September; well above $40B deficit expected and biggest since May. By components, imports were almost unchanged amid cheaper oil; Exports were down 1.5% on capital goods; while the US reached its highest trade deficit with China.

Currently, GBP/USD is trading at 1.6007, up 0.21% on the day, having posted a daily high at 1.6018 and low at 1.5965. GBP/USD spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.

GBP/USD levels

Once above 1.6015, the GBP/USD will find next resistance at 1.6030 and 1.6050. To the downside, supports are at 1.5975, 1.5960 and 1.5925.

United States Redbook index (YoY): 3.9% (October 31) vs previous 4.4%

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