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GBP/USD marking time ahead of BoE

FXStreet (Córdoba) - GBP/USD continues to suffer amid fears of Scottish independence as investors await the Bank of England policy decision.

However, in the absence of surprises from the BoE, as widely expected, attention will quickly return to the Scottish referendum. Jitters of a yes vote has kept the pound under pressure this week, having lost roughly 2 cents over the last sessions.

Goldman Sachs has warned a "yes" vote on September 18, while seemingly unlikely, could have severe consequences for both the Scottish economy and the UK overall.

GBP/USD bottomed out at 1.6439 yesterday’s NY session, last seen February 12, and is currently going through a consolidation phase just above that level. At time of writing, Cable is trading at 1.6458, virtually unchanged on the day.

GBP/USD levels to watch

As for technical levels, immediate supports are seen at 1.6439 (Sep 3 low), 1.6425 (Feb 12 low) and 1.6400 (psychological level). On the other hand, resistances line up at 1.6464 (Sep 4 high), 1.6485 (23.6% Fibo of 1.6643-1.6439) and the 1.6496/1.6500 area (Sep 3 high/psychological level).

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