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GBP/USD shifting through gears but now back into neutral

FXStreet (Guatemala) - GBP/USD is trading at 1.5658, down -0.24% on the day, having posted a daily high at 1.5716 and low at 1.5626.

GBP/USD has resumed into a consolidation after a choppy group of phases over the last few days of trading activity. The pair has been bolstered on domestic data from the UK with the strong retail sales surprises, taking the pair up to the 1.5740 levels for the recent highs putting nerves into the bears.

However, the pair is now back into neutral territory and probably remains fragile and will be continuing to respond to data releases for here on. Next months BoE may include some detail to the effect of stronger economic data surprises and this could aid the pound into the end of the year and start of 2015.

Notably, seasonally, the US dollar tends not to do so well at this time of the year and that coupled with the notion of a Fed that may not wish to take any risks of increasing rates so soon, the greenback might give some ground back to the bulls. 1.5590 protects the downside while a break up through recent highs brings in 1.5780 as a strong resistance ahead of 1.5945 and 1.6020 according to The Analysts at UOB Group.

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