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GBP/USD erases gains, back below 1.5600

FXStreet (Córdoba) - GBP/USD rose earlier to test daily highs but it failed to break higher and retreated, erasing gains. Greenback recovered strength across the board and trimmed losses.

GBP/USD back below 1.5600

The pair peaked at 1.5656 during the US session but is trading almost a hundred pips below daily highs
at 1.5575/80, around the same level it closed yesterday. The intraday technical outlook turned bearish as price consolidate below the hourly 20-SMA.

If it continues to slide the next support could be located at 1.5545/50 where daily lows and yesterday’s European session highs area located, followed by 1.5525. On the opposite direction, cable could gain bullish momentum if it manages to recover 1.56.

GBP/USD up for the week


Despite moving away from the highest level in three weeks, GBP/USD is still trading 130 pips above the price it had seven days ago. It is headed toward the second weekly gain in a row and a close on top of 1.5500, that could provide now support for the pound.

EUR/GBP meets strong supply; losing the 0.73 handle

EUR/GBP has fallen back from recently made highs and has lost the 0.73 handle as the euro retreats on broad dollar demand.
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US dollar and the British pound to outperform next week - UBS

The upcoming week is likely to be affected mainly by the outcome of the Federal Reserve meeting this week, according to the UBS analyst team. They continue to see US dollar and the British pound as the top performers.
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