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GBP/USD at 6 Month Low

The pound was trading close to six-month lows against the dollar on Tuesday as concerns over the outlook for the economy weighed amid speculation that the Bank of England would cut growth forecasts on Wednesday.

GBP/USD hit 1.5574 during European afternoon trade, the pair’s lowest since August 8; the pair subsequently consolidated at 1.5598, losing 0.38%.

Cable was likely to find support at 1.5489, the low of August 2 and resistance at 1.5667, the session high.

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