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Forex pairs in this Article » GBP/USD (Edinburgh) -The sterling keeps falling on Friday, as the bullishness around the greenback continues to grow bigger dragging the GBP/USD to the mid 1.59s.

GBP/USD bouncing off 1.5950

The pair managed to gather some pips now, although the context remains heavily tilted to the downside as markets get ready for the relevant ISM Manufacturing in the US economy. In the domestic data front, the manufacturing PMI in October came in short of expectations at 56.0, adding to the grim sentiment. Tim Davis, Global Strategist at TD Securities, goes into further details regarding today’s release: “Details of the report were not too bad, with export orders at their highest since Feb 2011… and total new orders still sitting at close to the 19y peak hit in Aug. It seems the improvement in export orders is reasonably broad-based... So despite the PMI pulling back a bit, it looks like there's still pretty decent momentum heading into the end of the year”.

GBP/USD critical levels

The pair is now losing 0.47% at 1.5963 with the next support at 1.5940 (low Oct.17) followed by 1.5894 (low Oct.16) and then 1.5869 (. On the flip side, a breakout of 1.6046 (high Nov.1) would target 1.6070 (high Oct.31) en route to 1.6079 (high Oct.30).
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