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GBP/USD edges toward 2014 low

FXStreet (Córdoba) - GBP/USD came under pressure and slid back below the 1.5700 area, moving towards a 14-month low scored Friday.

GBP/USD has lost more than 100 pips from Asian session lows and hit a low of 1.5618 in recent dealings as the greenback strengthens across the board benefited by risk aversion. At time of writing, Cable is trading at 1.5630, down 0.4% on the day.

The pound has weakened over the last days following the BoE QIR, which signaled first rate hike in the UK may come later than expected in the second half of 2015.

GBP/USD short-term outlook

Valeria Bednarik, chief analyst at FXStreet notes GBP/USD holds a negative tone, with 1.5589, 2014 low as immediate support. “A break below 1.5589 should see a downward extension towards 1.5550 price zone, in route to the 1.5500 figure”, said the analyst. “Short term, the first resistance stands at 1.5660, with a recovery above it probably signaling a retest of the 1.5700 level”.

European Monetary Union Trade Balance s.a. increased to €17.7B in September from previous €15.8B

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