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GBP/USD drift lower to 1.5730

FXStreet (Edinburgh) - The weakness intensifies around the sterling on Thursday, dragging GBP/USD to the proximity of 1.5730.

GBP/USD focus on US data

Spot retains the bearish stance, accentuated after yesterday’s dovish Quarterly Inflation Report by the BoE, stating that the first rate hike will have to wait longer than market expectations. While the dollar keeps its mixed tone vs. the major currencies, traders are waiting for the weekly report on the US labour market, with consensus expecting initial Claims to come at 280K in the week ended on November 7th. “Prospects for a H1 2015 rise in the bank rate have been reduced. This is negative for sterling near term and will act as a constraint on GBP vs USD, AUD and NZD”, commented Brian Martin, Analyst at ANZ.

GBP/USD levels to consider

At the moment the pair is down 0.24% at 1.5746 with the immediate support at 1.5722 (61.8% of 1.4814-1.7192) ahead of 1.5700 (psychological level) and finally 1.5686 (low Sep.10 2013). On the other hand, a break above 1.5835 (high Nov.11) would open the door

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