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GBP/USD consolidates below 1.5700

FXStreet (Edinburgh) - The sterling is trading on a softer tone on Tuesday, taking GBP/USD to test session lows in the 1.5770/60 band.

GBP/USD eyes on UK data

The pair has been following the erratic risk sentiment as of late, although the underlying USD strength has been capping any bullish attempt and confining spot to trade in the sub-1.5700 region. Ahead in the session, Mortgage Approvals gauged by BBA (38.5K in October exp.) will precede the key Inflation Report Hearings, all prior to the US GDP Annualized for the third quarter (3.3% exp.). Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested, “Potentially stronger rallies are expected to find good resistance offered by the 1.5855 November 2013 low and then by the 1.5913 four month downtrend line. Key resistance remains at 1.6184, the October 21 high. While capped here, an overall negative bias remains intact”.

GBP/USD relevant levels

The pair is now losing 0.09% at 1.5690 and a breakdown of 1.5630 (low Nov.24) would expose 1.5626 (low Nov.21) and finally 1.5590 (2014 low Nov.19). On the upside, the initial hurdle lines up at 1.5707 (hourly high Nov.25) ahead of 1.5715 (high Nov.24) and then 1.5737 (high Nov.20).

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