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GBP/USD holds up above 1.5800 ahead of NFP

FXStreet (Córdoba) - GBP/USD is going through a sideways phase ahead of the US employment report, having steadied above the 1.58 mark after hitting a fresh 14-month low on the back of weaker-than-expected UK trade balance data.

GBP/USD has managed to hold up above the 1.5800 level, having touched its lowest level since September 2013 at 1.5801 as investors gear up for the US nonfarm payrolls report. Consensus points to a 231K gain in October following 248K the previous month.

Cable is trading little changed on the day at the 1.5825 area, after posting its biggest decline in 3 weeks the previous day.

BoE rate hike expectations postponed

Meanwhile, the Bank of England left policy unchanged as expected yesterday and focus turned to next week’s UK inflation report and the release of the meeting minutes. According to said Ipek Ozkardeskaya, FX Analyst at Swissquote GBP/USD suggests further losses, deteriorating UK economy indicators may postpone tightening to June 2015. "The implied probabilities extracted from interest rate markets show that expectations for a first BoE rate hike are now postponed to June 2015 (from Feb’15 previously). Dovish shift in BoE bets continue weighing on the Cable", the analyst commented.

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