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GBP/USD slumps to 1.5230

FXStreet (Edinburgh) - The sterling has given away all its initial gains vs. the greenback, with GBP/USD now nose-diving to session lows around 1.5230.

GBP/USD lower via EUR/GBP buying

The buying interest around the single currency is now growing bigger, pushing EUR/GBP to the vicinity of the 0.7400 handle and exerting further downside pressure on GBP, which seems to have found some support in the 1.5230/20 band for the time being.

Ahead in the day spot will remain under pressure following the string of key releases in the US docket, with New Home Sales, Durable Goods Orders and Yellen’s speech as the salient points.

GBP/USD significant levels

As of writing the pair is losing 0.08% at 1.5232 with the next support at 1.5219 (low Sep.3) ahead of 1.5171 (low Sep.7) and finally 1.5089 (low May 6). On the upside, a break above 1.5287 (high Sep.24) would aim for 1.5364 (high Sep.23) and then 1.5521 (high Sep.22).

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