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GBP/USD advances above 1.5700

FXStreet (Edinburgh) - A sudden bout of risk appetite pushed GBP/USD to test fresh session peaks beyond 1.5700 the figure on Tuesday.

GBP/USD improving on USD weakness

The US dollar is failing to gather traction today despite the US docket surprised markets to the upside, with Q3 GDP, PCE and the S&P/Case-Shiller index all coming in above expectations. However, US Consumer Confidence dropped to 88.7 for the month of November, intensifying the ongoing weakness around the greenback. In the same direction, the US Dollar index, which tracks the USD vs. its main competitors, is accelerating its intraday correction lower, breaching the psychological support at 88.00, adding to the downside.

GBP/USD levels to watch

At the moment the pair is up 0.03% at 1.5711 with the immediate resistance at 1.5737 (high Nov.20) ahead of 1.5780 (high Nov.13) and finally 1.5791 (low Nov.7). On the flip side, a breakdown of 1.5630 (low Nov.24) would target 1.5626 (low Nov.21) en route to 1.5590 (2014 low Nov.19).

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