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GBP/USD testing lows around 1.5650

FXStreet (Edinburgh) - The pound is following the broader mood in the risk-associated assets, with GBP/USD now challenging intraday lows in the 1.5650 area.

GBP/USD eyes on UK data

Spot keeps correcting lower from recent highs near 1.5740, ahead of the Public Sector Net Borrowing figures, expected at £6.70 billion during October. The GBP left behind the positive tone from the BoE minutes and auspicious results from UK Retail Sales, although the bull run stalled in the 1.5740 region. With an empty docket across the pond, the pair’s price action would rely in the ampler risk trends. “We still believe that GBP/USD formed an interim low at 1.5592 but the 1.5721/33 61.8% Fibonacci cluster needs to be overcome for this to be confirmed”, argued Axel Rudolph, Senior Technical Analyst at Commerzbank.

GBP/USD relevant levels

The pair is now losing 0.24% at 1.5657 with the next support at 1.5632 (low Nov.20) ahead of 1.5590 (2014 low Nov.19) and then 1.5564 (low Sep.6 2013). On the flip side, a break above 1.5714 (high Nov.21) would expose 1.5726 (10-d MA) and then 1.5737 (high Nov.20).

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