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GBP/USD revisiting daily highs

FXStreet (Mumbai) - The GBP/USD is trading few pips short from its daily high at 1.5659 as investors brushed aside dovish comments from BOE’s Haldane.

Second week of gains

The cable appears poised to finish higher to the second week on the back of strong domestic data and dovish FOMC statement. Earlier this week, the data in the UK showed wage growth spiked to six-year high in three months to July, while unemployment unexpectedly fell. The slight weakness in retail sales growth could not hurt Sterling.

Meanwhile, dovish turn from the Federal Reserve led to broad based weakness in the USD index.

GBP/USD Technical Levels

At 1.5650, The immediate resistance is located at 1.5659, above which the spot could test 1.5690 (July 29 high). On the other side, support is seen at 1.5557 (daily low) and 1.5522 (50-DMA).

EUR/USD holds onto 1.1400

Following a sharp rally triggered by Fed’s inaction, EUR/USD stalled at the 1.1460 area and surrendered some gains over the last hours.
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Next week: Markets likely to calm after Fed storm – ING

Research Team at ING, suggest that the global markets are likely to calm in the forthcoming week and trade with little volatility after the recent Fed storm added shock waves.
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