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GBP/USD trapped in a range

FXStreet (Córdoba) - GBP/USD is going through a consolidation phase Tuesday, with the latest string of UK data having little impact on pound.

Cable tested the base of today’s range at the 1.5630 area right before UK CPI came in at +1.3% in October, but the subsequent bounce was capped by the 1.5670 zone, confining the pair to remain in its sideways path. At time of writing, GBP/USD is trading at 1.5649, virtually unchanged on the day as investors refrain from taking big positions ahead of tomorrow’s BoE and Fed’s minutes.

GBP/USD technical levels

As for technical levels, on the upside resistances line up at 1.5671 (Nov 18 high), 1.5700 (psychological level) and 1.5734 (Nov 17 high). On the other hand, supports are seen at 1.5619 (Nov 17 low), 1.5600 (psychological level) and 1.5592 (2014 low Nov 14).

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