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GBP/USD extends the recovery

FXStreet (Edinburgh) - After dipping to the mid-1.6000s, the buying interest turned up and is now lifting the GBP/USD back to levels beyond 1.6100 the figure.

GBP/USD hurt by Scottish referendum

The news/events/poll-results from the Scottish referendum (September 18th) continue to be the main drivers for the sterling so far, extending the correction lower to sub-1.6060 levels on Wednesday. There are no data releases in the British economy today, although Governor Carney’s speech before Parliament will be the major event. “We have suggested that the $1.60 area for sterling, which houses the 200-week moving average and is a key retracement objective as a reasonable target before the referendum. A "yes" vote would likely spur additional losses. Technical considerations give sterling potential toward $1.5725 as the next target. If the gap created by the September 8 sharply lower opening is a measuring gap (that takes place around halfway through a move), it would project toward $1.5100”, observed analysts at BBH.

GBP/USD levels to consider

At the moment the pair is up 0.10% at 1.6122 with the next hurdle at 1.6157 (high Sep.9) followed by 1.6200 (psychological level) and then 1.6270 (high Sep.8). On the flip side, a breach of 1.6003 (50% of 1.4814-1.7192) would open the door to 1.5988 (low Nov.14 2013) and finally 1.5879 (low Nov.13).

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