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GBP/USD keeps falling, near 1.5850

FXStreet (Edinburgh) - The sterling is accelerating its decline on Thursday, pushing GBP/USD to fresh multi-month lows in sub-1.5850 levels.

GBP/USD hurt by dollar

The pound largely ignored the BoE MPC meeting today, where the central bank left unchanged its refi rate at 0.5% and the asset purchase programme at £375 billion, matching consensus. Spot has been following the mood from the rest of the risk-associated assets throughout the week, printing lower levels against a backdrop of increasing USD strength. “For GBP there is tremendous risk around the BoE’s policy outlook, making tomorrow comments by Governor Carney (even though it is simply a panel and not a full speech) is important but with significant focus on the November 12 inflation Report followed by the BoE minutes from today’s meeting on November 19”, observed Camilla Sutton, Chief FX Strategist at Scotiabank.

GBP/USD levels to watch

The pair is now down 0.87% at 1.5837 with the next support at 1.5776 (low Sep.12 2013) and then 1.5722 (61.8% of 1.4814-1.7192). On the flip side, a breakout of 1.6023 (high Nov.5) would open the door to 1.6026 (Tenkan Sen) and finally 1.6029 (10-d MA).

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