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GBP/USD falls back below 1.5800

FXStreet (Córdoba) - After reaching a 2-week high, GBP/USD pulled back under the influence of EUR/USD losses and slid back below the 1.6800 level.

Cable extended its recovery and hit its highest level since Nov 12 at 1.5825, but found sellers and surrendered gains. GBP/USD has fallen to a daily low of 1.5747, turning intraday negative. At time of writing, the is trading at 1.5760, recording a 0.18% loss on the day.

Euro came under pressure during the European morning, dragging pound with it, after another round of Draghi's dovish comments and soft Eurozone data.

GBP/USD technical levels

In terms of technical levels, GBP/USD could find immediate supports at 1.5735 (Nov 20 & 25 highs), 1.5690 (10-day SMA) and 1.5649 (Nov 25 low). On the other hand, resistances are seen at 1.5825 (daily high), 1.5873 (Oct 15 low) and 1.5900 (psychological level).

GBP/USD loses gains after making a high of 1.5825 – FXStreet

Valeria Bednarik, Chief Analyst at FXStreet, notes that the GBP/USD pair spiked up to 1.5825 fresh 11-day high early European opening, but failed to sustain its gains, extending now below critical 1.5770 static support zone.
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