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GBP/USD breaks above 1.6200

FXStreet (San Francisco) - The Sterling is extending its recovery from nearly 1-week lows at 1.6160 versus the US Dollar and after climbing 60 pips in the European session, the GBP/USD broke the 1.6200 level and now it's pricing at 1.6220

Currently, GBP/USD is trading at 1.6213, down -0.11% on the day, having posted a daily high at 1.6252 and low at 1.6162. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish.

GBP/USD levels

If the pair manages to extend gains, it will face next resistances at 1.6250, 1.6260 and 1.6275. On the downside, GBP/USD's supports are at 1.6160, 1.6150 and 1.6060.

Mixed trading for EUR/USD ahead of major events later in the week

EUR/USD has seen a mixed day so far, ranging between USD1.2923-1.2967. There has been an element of wait-and-see in the markets ahead of major events later in the week, with the Federal Reserve's FOMC two-day meeting concluding tomorrow, as well as the the release of Eurozone inflation data which could point to further stagnation in the currency union.
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EUR/USD maintains the tight range - FXStreet

FXStreet Chief Analyst Valeria Bednarik points out that after being rejected from 1.2970 daily high EUR/USD continues trading in a tight range on Tuesday.
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