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GBP/USD inching higher, around 1.5870

FXStreet (Edinburgh) - The sterling is posting meager gains vs. the greenback on Tuesday, pushing GBP/USD to the boundaries of 1.5870.

GBP/USD in a narrow range

The pair continues to navigate in a narrow range today, albeit the area of 1.5880 still remains elusive for GBP-bulls. The pound is following the rest of the riskier assets amidst a context of lack of clear direction in the global markets. Ahead in the week, UK labour market figures and the BoE’s Quarterly Inflation Report will take centre stage tomorrow, as market participants will try to figure out the timing for the first rate hike by the Bank of England. According to strategists at UOB Group, “the failure to re-take 1.5900 may continue to temp the pair towards 1.5800 multi-session”.

GBP/USD significant levels

At the moment, the pair is up 0.07% at 1.5861 with the next resistance at 1.5877 (50% of 1.5918-1.5835) ahead of 1.5886 (61.8% of 1.5918-1.5835) and then 1.5918 (hourly high Nov.10). On the downside, the immediate support aligns at 1.5835 (hourly low Nov.11) followed by 1.5791 (low Nov.7) and finally 1.5776 (low Sep.12 2013).

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