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GBP/USD on egg shells ahead of key events

FXStreet (Guatemala) - GBP/USD is trading at 1.6231, down -0.22% on the day, having posted a daily high at 1.6280 and low at 1.6221.

GBP/USD remains sideways on the session while we await key events this week on nervous grounds. While the Scottish referendum is key, there are also factors around data events such as UK inflation in the CPI report tomorrow, BoE minutes on Wednesday and then FOMC. A busy week indeed! Meanwhile, Valeria Bednarik, Chief analyst at FXStreet noted that the pair continues to be trapped between Fibonacci levels of this month bearish run measured from 1.6643 to 1.6067.” The 38.2% retracement of such movement caps the upside around 1.6280, while the pair holds above the 23.6% retracement, offering support at 1.6190”. She added that in the 4 hours chart price hovers around a still bullish 20 SMA as indicators crosses its midline to the downside, adding to the bearish case. “ A break below mentioned 1.6190 however, is required to confirm a more steady intraday decline towards 1.6140/50 price zone”.

GBP/USD support and resistance levels

Support levels: 1.6220 1.6190 1.6150

Resistance levels: 1.6280 1.6320 1.6350

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