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The floor is 1.6200 for now; back to 1.6250

FXStreet (San Francisco) - The GBP/USD was unable to extend its recovery beyond 1.6260 in the European session and even the pair was rejected down to 1.6200. However the cable bounced here and now it is trading back at 1.6250 at the same time the US retail sales data was released.

US retail sales rose the most in 4 months with a 0.6% increase in August; +5.0% YoY. July data revised up to 0.3% from 0.0%. August was the seventh positive month in a row; only January was down in 2014.

"With limited upside following the firm retails sales data, it looks as though some dollar longs are paring back positions ahead of the weekend," comments Jamie Coleman from FXBeat. "The dollar has been on a very long winning streak, so taking a few chips off the table is surely a prudent thing to do. Selling it short is not."

Currently, GBP/USD is trading at 1.6245, down -0.05% on the day, having posted a daily high at 1.6280 and low at 1.6205. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is strongly bearish.

GBP/USD levels

If the pair decides to break above the 1.6260, it will face resistances at 1.6280, 1.6300 and 1.6340. On the downside, supports are at 1.6200, 1.6155 and 1.6060.

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