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GBP/USD extends beyond 1.5800

FXStreet (Edinburgh) - The sterling is prolonging its upbeat momentum on Thursday, pushing GBP/USD to fresh 2-week highs above the 1.5800 mark.

GBP/USD buoyed by data, USD weakness

The pair is posting gains for the fourth consecutive session so far, this week bolstered by in-line GDP figures for the third quarter and a softer tone from the greenback side of the equation. No data releases are expected today in the UK economy, while Consumer Confidence tracked by Gfk and Nationwide house prices are due tomorrow. “To alleviate immediate upside pressure a slide back below the 1.5737 minor level will be needed. The 1.5595/92 recent lows are regarded a the break down point to 1.5320, the 78.6% retracement of the move from 2013”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.

GBP/USD levels to consider

The pair is now up 0.03% at 1.5801 with the immediate resistance at 1.5890 (30-d MA) followed by 1.5940 (high Nov.12) and then 1.5945 (high Nov.11). On the downside, a breach of 1.5778 (low Nov.27) would expose 1.5736 (high Nov.25) and finally 1.5700 (10-d MA).

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