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Forex: GBP/USD falls below 1.5550 after rejecting 1.5590

FXstreet.com (San Francisco) - Following a 120 upside movement from 1.5470, the Sterling's advance against the Greenback has found resistance at the 1.5590, highest level since May 5th. At this level, the GBP/USD was rejected with the pair falling down to trade below the 1.5550 area.

Currently, the GBP/USD is trading at 1.5545, still 0.40% positive on the day. The pair is slightly bearish according to the FXstreet.com trend index with indicators such as CCI and Momentum pointing to the north while the MACD and the Stochastic are neutral in the 15-minute chart.

Above the 1.5590, the next and most important resistance is the 1.5600, often tested in the past days. On the downside, supports are at 1.5545, 1.5520 and 1.5470.

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