Forex: GBP/USD erases gains back to 1.5900 (Barcelona) - Having gone up to 1.5924 high during the Asian session, the pair became lighter as time passed by and then a selling wave took care of sending the GBP/USD back to the 1.5900 mark, although allowing a quick bounce during the London opening.

At the time of writing, the market is calm and trades sideways under a very strict range nearby 1.5900. No economic data in the UK will be available today, but construction output in the Eurozone was just released. The monthly figure dropped by -1.4% in September (+0.7% previously) and the annualized contraction was narrowed from -5.5% to -2.6%.

“Above 1.5915, we look for GBP/USD to struggle below 1.6060, the 55 day moving average”, wrote Commerzbank analyst Axel Rudolph, pointing to 1.5521 in case of failure at 1.5770.