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GBP/USD supply thinning out ahead of key 1.5750 support

FXStreet (Guatemala) - GBP/USD is trading at 1.5848, up 0.10% on the day, having posted a daily high at 1.5862 and low at 1.5790.

GBP/USD has risen to the top of the channel and moves within a 70 pip range post the Nonfarm payrolls results. Non-farm payrolls rose 214k and the combined number read at 245k, so this is just about the average for the last several months. We now await the BoE’s inflation report next week for further clues as to the direction of Sterling towards the end of the year.

GBP/USD has stalled on the downtrend, however, the direction remains bearish and the Market Strategy Team at UOB Group explained the current down-move is expected to continue to move lower towards 1.5750. “This is a significant support and may hold initially but as long as 1.5990 is intact, the mid-term outlook is clearly bearish. 1.5920 is already a strong resistant ahead of 1.5990."

GBP/USD noteworthy levels

Spot is presently trading at 1.5849, and next resistance can be seen at 1.5862 (Daily High), 1.5890 (Daily Classic PP), 1.5897 (Weekly Classic S1), 1.5940 (Hourly 100 SMA) and 1.5948 (Daily Classic R1). Next support to the downside can be found at 1.5843 (Hourly 20 EMA), 1.5834 (YTD Low), 1.5800 and 1.5750.

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