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GBP/USD extends below 1.5700

FXStreet (Edinburgh) - The sterling is still suffering the BoE and the stronger tone from the greenback, with GBP/USD hovering over 1.5660/70.

GBP/USD depressed, in multi-month lows

The offered tone continues to prevail around the pound, retreating for the fourth consecutive week and trading back to levels last seen in September 2013 around 1.5670. A dovish Quarterly Inflation Report pushed further back expectations for the first rate hike in the UK this week. This, coupled with the re-emergence of the USD, is dragging spot lower to the 1.5660 neighbourhood, or fresh ytd lows. “Key resistance remains at 1.6185 and while capped here a negative bias remains intact”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

GBP/USD levels to watch

As of writing the pair is down 0.19% at 1.5680 and a break below 1.5603 (low Sep.9 2013) would open the door to 1.5564 (low Sep.6 2013). On the other hand, the initial resistance aligns at 1.5738 (hourly high Nov.13) ahead of 1.5780 (high Nov.13) and finally 1.5835 (low Nov.11).

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