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GBP/USD clings to 1.5900

FXStreet (Edinburgh) - The sterling remains hovering over the 1.5900 handle on Monday, with GBP/USD now rejected from the 1.5910/15 band.

GBP/USD bolstered by risk appetite

The US dollar remains on the back footing today, allowing a continuation of the recovery sparked last Friday soon after spot bottomed out below 1.5800 the figure. It will be a critical week for the pound, as employment figures are due on Wednesday (Claimant Changed expected at -23.4K), preceding the critical BoE’s Quarterly Inflation Report. According to the last CFTC report, Currency Strategist Jane Foley at Rabobank commented, “Weak Eurozone activity data and disinflationary pressures in the UK have caused the market to push back expectations regarding the timing of the first BoE rate hike. GBP positions pushed even further into negative territory last week”.

GBP/USD levels to consider

As of writing the pair is advancing 0.13% at 1.5897 and a surpass of 1.5918 (hourly high Nov.10) followed by 1.5960 (hourly high Nov.6) and then 1.5969 (10-d MA). On the flip side, the initial support aligns at 1.5871 (hourly low Nov.10) ahead of 1.5791 (low Nov.7) and finally 1.5776 (low Sep.12 2013).

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