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      GBP/USD lower to test 1.5500

      FXStreet (Edinburgh) - The sterling is losing its shine at the beginning of the week, now dragging GBP/USD to session lows in the vicinity of 1.5500 the figure.

      GBP/USD lower on USD-buying

      The greenback, in terms of the US Dollar Index, continues to extend its gains against its G10 peers at the beginning of the week, recovering further after last Friday’s fresh multi-day troughs.

      Despite the current correction lower, the pound seems to have found decent support around the 1.5500 area so far, with spot now holding on to the 1.5510/15 band. According to the research team at BBH, “Initial support is seen near $1.5470, but a breach of the $1.5400-$1.5415 area would be more significant from a technical perspective”.

      GBP/USD significant levels

      As of writing the pair is down 0.10% at 1.5513 and a breakdown of 1.5506 (low Sep.21) would aim for 1.5486 (low Sep.17) and finally 1.5373 (low Sep.14). On the flip side, the next up barrier lines up at 1.5569 (high Sep.21) ahead of 1.5660 (high Sep.18) and then 1.5717 (high Aug.26).

      Hong Kong SAR Consumer Price Index dipped from previous 2.5% to 2.4% in August

      Hong Kong SAR Consumer Price Index dipped from previous 2.5% to 2.4% in August
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      Lee Hardman, Currency Analyst at MUFG, suggests that the scope for the euro to rebound against the US dollar if the Fed delays tightening monetary policy is dampened by the increased likelihood that the ECB will ease monetary policy if the outlook for global growth deteriorates further.
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