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GBP/USD returns to 1.5700

FXStreet (Edinburgh) - After flirting with the 1.5740 region overnight, GBP/USD is now wobbling around the critical support at 1.5700.

GBP/USD focus on CPI, BoE

Spot is following the risk-on trend prevailing in the broader markets so far, deflating to sub-1.5700 levels after earlier tops in the boundaries of 1.5740. Interesting week ahead for the sterling, as critical inflation figures are due tomorrow, ahead of the BoE minutes (Wednesday) and October’s Retail Sales on Thursday. It seems the pair is slowing recovering the ground lost after the dovish tone from the BoE’s Quarterly Inflation Report last week, although the price action will mainly gyrate on the ampler USD dynamics. According to Axel Rudolph, Senior Technical Analysis at Commerzbank, “Rallies are expected to find good resistance offered by the 1.5993 four month downtrend line. Key resistance remains at 1.6185. While capped here, a negative bias remains intact”.

GBP/USD levels to watch

The pair is now up 0.13% at 1.5692 with the immediate resistance at 1.5738 (hourly high Nov.13) followed by 1.5780 (high Nov.13) and then 1.5791 (low Nov.7). On the downside, a break below 1.5593 (low Nov.13) would aim for 1.5564 (low Sep.6 2013) and finally 1.5556 (low Sep.4 2013).

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