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GBP/USD inching higher, near 1.5670

FXStreet (Edinburgh) - The pound is following the broader risk-on trade sentiment at the beginning of the week, pushing GBP/USD to test session highs around 1.5670.

GBP/USD bounces off 1.5650

Spot managed to pick up pace from overnight lows near 1.5650, currently hovering over 1.5670 against a backdrop of an empty docket in the UK economy, at least until Wednesday, when GDP figures for the third quarter will be published. In the opinion of Emmanuel Ng, FX Strategist a OCBC Bank, “net leveraged GBP longs continued to be pared for the 7th consecutive week to near neutral positioning – implying that spec interest towards the pound continues to fade. To this end, we think that the support at 1.5600 remains under threat”

GBP/USD levels to watch

As of writing the pair is up 0.02% at 1.5666 with the next resistance at 1.5714 (high Nov.21) ahead of 1.5726 (10-d MA) and then 1.5737 (high Nov.20). On the downside, a breach of 1.5626 (low Nov.21) would expose 1.5590 (2014 low Nov.19) and finally 1.5564 (low Sep.6 2013).

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