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GBP/USD bears line up ahead of 1.5600 level

FXStreet (Guatemala) - GBP/USD is trading at 1.5638, down -0.21% on the day, having posted a daily high at 1.5738 and low at 1.5620.

GBP/USD bears are monitoring the head and shoulders on the hourly charts and a test of 1.5620 could bring them to the table in force, pushing the barriers and instigating further downside in Sterling targeting 1.5500. However, a period of consolidation is playing out ahead of a key week with plenty to monitor in respect of data releases. The pair over European and US markets at the start of the week has consolidated the resurgence in the greenback post Asia’s positioning and rejection through 1.5730. We have the inflation data coming up tomorrow for the UK and that is likely to reaffirm markets speculation of lower for longer rates in the UK economy, weighing on the pound and could be the tipping point required to send the pound through 1.5600 perhaps.

GBP/USD noteworthy levels

With spot trading at 1.5639, we can see next resistance ahead at 1.5658 (Hourly 20 EMA), 1.5660 (Daily Classic PP), 1.5672, 1.5700 and 1.5720/30. Support below can be found at 1.5620, 1.5605 (Daily Classic S1), 1.5593 1.5539 (Daily Classic S2), 1.5528 (Weekly Classic S1) and psychological 1.5500.

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