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GBP/USD hits 1.55 and drops

FXStreet (Edinburgh) - After a brief test of levels above the 1.5500 handle, GBP/USD has now deflated to the 1.5480 area following the opening bell in Euroland.

GBP/USD trims gains

The pair has turned negative for the day after an ephemeral visit to session tops just beyond 1.5500 the figure following the increasing USD-weakness.

While poor results from UK’s inflation figures during the last month have been weighing on the pound as of late, the renewed and strong wave of selling pressure around the dollar was exclusively behind the recent rebound from weekly troughs around the 1.5200 mark.

Nothing in terms of data releases in the UK today, whereas CPI, the Philly Fed manufacturing survey and Fedspeak will take centre stage across the Atlantic

GBP/USD important levels

As of writing the pair is down 0.07% at 1.5465 with the next support at 1.5142 (up trend from ytd low) ahead of 1.5107 (low Oct.1) and then 1.5089 (low May 5). On the upside, a surpass of 1.5567 (38.2% Fibo of 1.7192-1.4563) would open the door to 1.5600 (psychological level) and finally 1.5659 (downtrend from 1.7192).

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