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GBP/USD remains in sluggish range top end of 1.56 handle

FXStreet (Guatemala) - GBP/USD is trading at 1.5675, down -0.01% on the day, having posted a daily high at 1.5689 and low at 1.5671.

GBP/USD was a bid affair overnight with the BoE minutes less dovish than anticipated and in fact two members are voting for a rate hike immediately, despite the disinflationary environment that had been blamed on lower prices in oil and commodities.

The rally took the pair up to the 1.57 handle and managed a score above it before retracing some of those gains and settling in for a more modest space on the 1.56 handle at the upper end of the scale. Then, in the US session, the FOMC minutes gave the pound a kick from behind, but a false start saw the pair drop back immediately and settled back within a sluggish range where the pair continues to oscillate into Asia.

If the upside were to persist, Karen Jones, chief analyst at Commerzbank explained that we are expected to find good resistance offered by the 1.5966 four month downtrend line. “Key resistance remains at 1.6184, the October 21 high. While capped here, a negative bias remains intact”.

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