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GBP/USD spiked to 1.6335 on data, but reversed the move soon

FXStreet (Moscow) - GBP/USD managed to break above 1.63 resistance before the UK data release, and moved to1.6335 high post the reports.

MPC minutes and Labor readings

The pair broke above psychological level at 1.63, covering the gap from last Monday right before the data release. And then the data came. ILO Unemployment Rate was 6.2% vs 6.3% expected. Average earning excluding bonuses met the forecast at 0.7%, while the indicator with bonus rose by 0.6% vs 0.5% expected. Besides, Claimant Count Change was better than expected showing reduction by 37.2K vs -30.0K forecast. And what is more important, the MPC hike vote remained the same – two hawks for rate hike are still there. It sent the pair to 1.6335 high initially, but the pound quickly reversed the move sliding to current 1.63 area, as the market wanted to get more from wage inflation.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6251, with support below at 1.6189, 1.6100, and 1.6038, with resistance above at 1.6340, 1.6402, and 1.6491. Hourly Moving Averages are bullish, with the 200SMA at 1.6210, and the daily 20EMA bearish at 1.6400. Hourly RSI is bullish at 74.

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