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GBP/USD keeps falling, below 1.5850

FXStreet (Edinburgh) - The sterling could not sustain session peaks near 1.5920, prompting GBP/USD to deflate to the current intraday lows in sub-1.5850 levels.

GBP/USD eyes on UK data

The pair is eroding last Friday’s bullish attempt beyond the 1.5900 handle post-Payrolls, reverting today’s promising start as the sentiment for the greenback has taken over markets. Next of significance in the UK docket will be the labour market figures ahead of the more relevant Quarterly Inflation Report by the BoE. In light of the upcoming BoE event, analysts at TD Securities assessed, “We think that the BoE wants to leave with the message that if the environment were to improve significantly in the coming months, then it would be fine to hike, but that its base case is that the environment will not clear up that fast, so the hiking base case gets pushed back for now”.

GBP/USD levels to consider

As of writing the pair is retreating 0.18% at 1.5847 with the initial support at 1.5791 (low Nov.7) ahead of 1.5776 (low Sep.12 2013) and finally 1.5722 (61.8% of 1.4814-1.7192). On the upside, a break above 1.5918 (hourly high Nov.10) would open the door to 1.5960 (hourly high Nov.6) and then 1.5969 (10-d MA).

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AUD/USD is trading at 0.8612, down -0.24% on the day, having posted a daily high at 0.8685 and low at 0.8611.
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