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GBP/USD bounces off 1.5600

FXStreet (Edinburgh) - The weakness around the sterling pushed GBP/USD to challenge the critical support at 1.5600 the figure on Wednesday.

GBP/USD attention to the BoE

The solid performance of the USD plus the recent dovish tone from the BoE’s Quarterly Inflation Report is keeping the demand for the GBP subdued, allowing a deeper pullback to fresh ytd lows in the boundaries of 1.5600. Ahead in the day, the BoE minutes will take centre stage, although consensus expects another 7-2 voting pattern favouring the current status quo in the monetary policy. Next of note in the UK economy will be tomorrow’s Retail Sales, expected to have expanded at a monthly pace of 0.3% during October.

GBP/USD levels to watch

As of writing the pair is losing 0.10% at 1.5616 and a breach of 1.5593 (low Nov.13) would expose 1.5564 (low Sep.6 2013) and the 1.5556 (low Sep.4 2013). On the flip side, the immediate hurdle aligns at 1.5633 (high Nov.19) followed by 1.5679 (high Nov.18) and finally 1.5737 (high Nov.17).

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