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Forex: GBP/USD threatening 1.5600

The sterling is accelerating its descent on Tuesday, now challenging the key support at 1.5600 ahead of UK data.

“BoE is likely to reiterate again that it remains comfortable to tolerate the inflation overshoot to support growth which is seen as negative for the pound while growth remains weak”, argued Analyst Lee Hardman at BTMU, ahed of the BoE’s Letter of Inflation.

GP/USD is now retreating 0.30% at 1.5611 and a brech of 1.5578 (low Aug.10) would aim for 1.5573 (low Aug.8) en route to 1.5547 (low Aug.6).
On the other hand, resistance levels lie at 1.5724 (MA10d) followed by 1.5810 (high Fev.11) and then 1.5845 (high Feb.8).

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