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GBP/USD down from 1.5700

FXStreet (Edinburgh) - After hitting fresh weekly highs at 1.5700 the figure, GBP/USD is now easing back to the 1.5680/75 area.

GBP/USD focus on FOMC

A hawkish tone from today’s BoE minutes catapulted GBP from multi-month lows in the 1.5590/80 band to fresh weekly tops at the 1.5700 handle. While tomorrow’s Retail Sales in the UK (0.3% exp.) will pose another challenge to the pound, today’s FOMC minutes will put the current upbeat momentum to the test. Lee Hardman, Currency Analyst at BTMU, commented, “the overall tone of the minutes should be broadly consistent with the Fed gradually shifting towards tightening monetary policy next year which will support a stronger US dollar.

GBP/USD levels to watch

As of writing the pair is up 0.26% at 1.5672 with the next resistance 1.5737 (high Nov.17) followed by 1.5751 (10-d MA) and finally 1.5769 (Tenkan Sen). On the flip side, a breakdown of 1.5564 (low Sep.6 2013) would aim for 1.5556 (low Sep.4 2013).

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