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After consolidation phase, the GBP/USD attacks 1.5800 again

FXStreet (San Francisco) - The British Pound seems ready to make another attempt to break the 1.5800 level against the dollar since the GBP/USD bounced off 1.5760 to test this level after poor US economic data.

New homes sales rose 0.7% to and annual rate of 458K; pending home sales declined 1.1% in October; but it increased 2.2% YoY. Michigan consumer sentiment dropped to 88.8 in November, below expectations. Expectations and conditions components decline too. Data below expectations

Chicago PMI declined to 60.8 in November; deeper than 63.0 expected. The index lost all October improvement.

Currently, GBP/USD is trading at 1.5785, up 0.48% on the day, having posted a daily high at 1.5808 and low at 1.5679. The hourly FXStreet OB/OS Index is showing extremely overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.

GBP/USD sentiment

According to Valeria Bednarik, "if 1.5770 attracts buyers on pullbacks, the upside is favored towards 1.5825 price zone in the short term, and up to 1.5860/80 if the last gives up."

To the downside, supports are at 1.5735, 1.5705 and 1.5680.

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