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Forex: GBP/USD holds up above 1.5500

The downside pressure went no further than 1.5492 low, allowing the GBP/USD to bounce back above the 1.5500 psychological level. Throughout most of the London morning, the pair remained close and testing the handle, but a steady move lower was constantly rejected.

At the moment of writing, the market trades around 1.5512, down by -0.18% on the day and extending weekly losses. Ahead is US jobless claims at 13:30 GMT, followed by Fed Tarullo and Bullard speeches.

"Yesterday's sell-off reached a local low at 1.5492 and the bias here remains bearish, for another leg downwards, to 1.5390 area", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to key intraday resistance on the upside at 1.5570-80 break-out zone.

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