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GBP/USD trims daily gains

FXStreet (Córdoba) - GBP/USD turned lower after reaching a daily high of 1.5673 and turned lower, trimming intraday gains during the European session.

In the absence of UK economic data, GBP/USD has continued to trade in a range within Friday’s parameters. The pair initially inched higher but it was capped by the 50-day SMA and gave up gains, falling to low of 1.5627 in recent dealings. At time of writing, Cable is trading at 1.5640, a few pips above its opening price.

From a broader view, GBP/USD is going through a consolidation phase near 2014 lows, having broken below the 61.8% retracement of the 1-year rally of 1.4812-1.7190.

GBP/USD levels to watch

As for technical levels, immediate supports are seen at 1.5625 (Nov 21 low), 1.5589 (2014 low Nov 19) and 1.5564 (Sept 6 2013 low). On the flip side, resistances could be found at 1.5673 (daily high), 1.5700 (psychological level/10-day SMA) and 1.5712 (Nov 21 high).

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