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GBP/USD theme remains with a sell on rallies

FXStreet (Guatemala) - GBP/USD is trading at 1.5655, up 0.10% on the day, having posted a daily high at 1.5681 and low at 1.5631.

GBP/USD has been trading in a choppy and relatively tight range throughout the European and US markets so far. The pair took a hit from supply above 1.5720 at the start of the week and has been lackluster since trading between 1.5620 and 1.5680.

The UK’s CPI results gave us a mixed picture but overall they were slightly firmer than expected with the headline year on year higher by 0.1 but the results were softer in the core year on year by 0.1%. The market was overall short of cable ahead of the numbers and buyers came in to lift the pair on a modest attempt back towards the highs of today's range that had been set at the open in London on the 8am buy fix. The US PPI results have kept the bulls at bay however in the US and we continue to consolidate in current ranges. A sell on rallies remains the current theme.

GBP/USD noteworthy levels

Spot is presently trading at 1.5655, and next resistance can be seen at 1.5666 (Daily Classic PP), 1.5681 (Daily High), 1.5700 (Hourly 100 SMA), 1.5712 (Daily Classic R1) and 1.5737 (Weekly Classic PP). Support below can be found at 1.5651 (Hourly 20 EMA), 1.5620 and 1.5600 opening up for 1.5400 psychological level.

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