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Pound sees decent halts
GBP/USD has been trading sideways overnight and consolidated in the $1.5090 region. There has been a slight correction in the last few hours but it has failed to claw back the ground it lost over the previous two weeks. On a positive note the currency pair has stopped its downward decline, but that is not to say the bulls are waiting in the wings.
The collapse in the value of the pound has mostly been driven by the strength of the dollar. The UK manufacturing report, due at 9.30am (London time), will spark short-term buying should the estimate of 0.2% be exceeded.
The $1.51 mark is acting as resistance and if this level is held it will bring the support at $1.5050-$1.5040 into play. A move below that will make $1.50 the target. If $1.51 is cleared the 100-hour moving average of $1.5135 will become the initial target, and beyond that dealers will look to $1.52.