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GBP/USD showed a good start, but retreated from initial highs

FXStreet (Moscow) - GBP/USD opened the day at 1.6275, slid to 1.6229 session low in Asia, before rebounding to 1.6240 area.

Sharp moves ahead

The pound may be nearing its turning point this week, as there are a few really significant events that may trigger sharp moves of the pair. Although Monday promises to be quiet given the lack of economic releases, the subsequent trading days won’t make the investors feel bored. Tuesday will bring CPI and PPI data, Wednesday will present the BOE minutes coupled with labor data, and Thursday is going to be the culmination point as Scotland Independence referendum is scheduled. There are chances the traders will sit on the fence until September, 18, and if Scotland chooses to stay with the UK, we may see an impressive rally of the pound.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6250, with support below at 1.6222, 1.6176 and 1.6148 with resistance above at 1.6296, 1.6324, and 1.6370. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.6264, and the daily 20EMA bearish at 1.6432. Hourly RSI is bearish at 47.

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