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GBP/USD hovering over 1.5650

FXStreet (Edinburgh) - The sterling is following the broader sentiment around the risk-associated assets on Tuesday, taking GBP/USD to the mid-1.5600s.

GBP/USD attention to CPI figures

Key session for the pound ahead, as critical inflation figures are due later. Market expectations point to consumer prices in the UK economy to have risen 0.1% inter-month during October and 1.3% on a yearly basis, a tad higher than September’s 0.0% and 1.2%, respectively. The GBP remains on track to recover ground after Monday’s sell-off below 1.5700 the figure, benefiting from the current USD softness. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Key resistance remains at 1.6184, the October 21 high. While capped here, a negative bias remains intact”.

GBP/USD levels to watch

As of writing the pair is up 0.12% at 1.5659 and a surpass of 1.5737 (high Nov.17) would expose 1.5780 (high Nov.13) and finally 1.5791 (low Nov.7). On the downside, a breach of 1.5620 (low Nov.17) would open the door to 1.5593 (low Nov.13) and then 1.5564 (low Sep.6 2013).

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