The sterling is losing the grip on Tuesday, with the GBP/USD easing some ground after failing to follow through 1.5980 overnight. Data wise in the UK, the BRC Retail Sales Monitor rose below estimates 0.8% YoY during October, ahead of the release of the more relevant Services PMI. Market consensus expects the services sector gauge to ease a tad to 59.8 from 60.3. The BoE MPC meeting will be the biggest event risk for the pound (no changes expected) ahead of the crucial October’s Payrolls in the US economy on Friday (130K exp.). Paul Robson, Senior FX Strategist at RBS, commented “A potential large double top forming in GBP/USD moves closer as the price action last week drops it down to close just above the 1.5890/1.5900 trigger line, which should act as support in the first instance, but if triggered will target a move down to the 1.5600/1.5650 area”. At the moment the pair is retreating 0.10% at 1.5959 with the initial support at 1.5894 (low Oct.16) would open the door to 1.5869 (low Sep.16) and finally 1.5844 (50% of 1.5427-1.6260). On the upside, a break above 1.6033 (61.8% of 1.6258-1.5894) would aim for 1.6046 (high Nov.1) and then 1.6070 (high Oct.31).