GBP/USD consolidates reversal from 1.5920 grounds

FXstreet.com (Chicago) - GBP/USD fell gradually throughout the last 2 weeks of October reaching 1.5910 lows. With long-term charts pointing down, the short-term bullish movement diverges from primary and secondary trends.

Still below the EMA20, the pair is offered at 1.5928 and oscillates between the supports aligned at 1.5916 (October 17th lows), 1.5816 (October 14th highs) ahead of 1.5782 (October 23rd 2012 lows) and the resistances set at 1.5951 (October 14th lows), 1.6018 (January 25th lows) followed by 1.6085 (August 19th highs). The BoE interest rate decision is expected later on Thursday along unemployment data in the US with potentially high impact on price action.