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GBP/USD clinches to 1.6300

FXStreet (Edinburgh) - The sterling has returned to the 1.6300 region on Wednesday, dragging the GBP/USD from session highs in the 1.6350 area.

GBP/USD consolidating the upside, eyes on Scotland

Spot continues to consolidate the rebound from last week’s troughs near the psychological support at 1.6000 the figure, advancing around three big-figures against the backdrop of wobbling poll results regarding the Scottish independence referendum due tomorrow. Today’s UK docket was supportive of the pound, showing a solid recovery from the labour market and a repetition of the 7-2 voting pattern from the MPC, favoring unchanged rates. In the view of Dmytro Bondar, Technical Analyst at RBS, “I believe it would take the GBP/USD to re-test the 1.6074 support before gaining momentum to break above the gap for a recovery towards 1.6600-ish”.

GBP/USD levels to consider

At the moment the pair is up 0.25% at 1.6319 with the next resistance at 1.6340 (high Sep.5) followed by 1.6349 (50% of 1.6645-1.6052) and then 1.6408 (21-d MA). On the other hand, a break below 1.6244 (10-d MA) would expose 1.6162 (low Sep.16) and finally 1.6052 (low Sep.10).

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