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GBP/USD stops triggered and bulls are bailing

FXStreet (Guatemala) - GBP/USD is trading at 1.6308, down -0.54% on the day, having posted a daily high at 1.6526 and low at 1.6305.

GBP/USD has continued along on the offer with the theme of a strong dollar in these uncertain times, punishing bulls trying to buy dips. With the recent FOMC that was overall hawkish in it’s language hinting that when rates are increased they may continue to do so more quickly than first anticipated, the dollar index has been up and offers a safe investment for markets at the moment. Progress is being made in trimming of the QE programme and that is die to come to an end in October. With the Scottish vote decided, markets can now focus on interest rate disparities between the Central banks and implications for rate rises accordingly to each individual economy. There are many questions over the state of the UK’s economy and how suitable rate rises will be and the timing of them in so much to not adversely affect the state of the UK economy going forward.

GBP/USD levels

With spot trading at 1.6309, we can see next resistance ahead at 1.6347 (Weekly Classic R1), 1.6351 (Daily Classic PP), 1.6389 (Daily 20 SMA), 1.6395 and 1.6397. Support below can be found at 1.6302 (Hourly 100 SMA), 1.6293 (Daily Classic S1), 1.6247and 1.6245 (Hourly 200 SMA).

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