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Forex: GBP/USD stable around 1.5500

FXstreet.com (Barcelona) - The sterling gave away all daily gains and submerged into the red territory on Thursday, falling from session highs around 1.5590 to the vicinity of 1.5480, albeit recapturing the 1.55 handle as of writing.

It is worth noting that the BoE left unchanged both its purchases of Gilts and the repo rate at £375 billion and 0.5%, respectively, broadly in line with market consensus. Later on in the afternoon, the NIESR GDP Estimate for the three months ended in April rose to 0.8% vs. 0.1% previous. So, despite the good results from the UK industrial sector this early morning plus the inaction of the BoE (GBP-supportive), the sterling could not sustain the upside and surrendered to the dominating risk aversion.

GBP/USD is now losing 0.21% at 1.5501 and a breach of 1.5471 (low May 8) would open the door to 1.5447 (low May 7) and finally 1.5418 (low Apr.26).
On the upside, resistance levels align at 1.5593 (high May 8) ahead of 1.5599 (high May.6) and then 1.5603 (high May 3).

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