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GBP/USD keeps the red near 1.5320

FXStreet (Edinburgh) - The sterling is trading on the back footing vs. the dollar on Tuesday, dragging GBP/USD to session lows in the 1.5320 area.

GBP/USD lower on UK data

The pair is testing the lower bound of the daily range after UK GDP figures have missed expectations for the third quarter. In fact, the domestic economy has expanded at an annual pace of 2.3% and 0.5% inter-quarter, vs. forecasts for 2.4% and 0.6%, respectively. Further data saw the Index of Services at 0.9% vs. 1.0% anticipated.

While the pair keeps meandering in the low-1.5300s, the next risk events will come from the US docket, where Durable Goods Orders and Consumer Confidence will take centre stage.

GBP/USD important levels

As of writing the pair is retreating 0.18% at 1.5324 and a breach of 1.5236 (23.6% Fibo of 1.5658-1.5106) would target 1.5198 (low Oct.13) and finally 1.5194 (6-month uptrend). On the flip side, the initial up barrier aligns at 1.5389 (55-day sma) ahead of 1.5448 (61.8% Fibo of 1.5658-1.5106) and then 1.5491 (100-day sma).

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