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GBP/USD stabilizing with mixed outlook

FXStreet (Guatemala) - GBP/USD is trading at 1.6336, up 0.28% on the day, having posted a daily high at 1.6368 and low at 1.6288.

GBP/USD is consolidating last week's close slightly higher with a gap on the charts. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank expect sterling to stabilize and said, “Political uncertainty has increased however the fundamental outlook is still encouraging and the BoE is expected to lead the interest rate hiking cycle”. She continued and explained that GBP/USD short‐term technicals are however mixed. “With the MACD warning of upside risk but other studies still in bearish territory; suggesting that from a technical perspective the market is still struggling with direction”.

GBP/USD levels

Spot is presently trading at 1.6336, and next resistance can be seen at 1.6344 (Hourly 20 EMA), 1.6366 (Daily Classic PP), 1.6368, 1.6379 (Daily 20 SMA) and 1.6397 (Weekly High). Support below can be found at 1.6326 (Hourly 100 SMA), 1.6326 (Weekly Classic PP), 1.6305, 1.6288 and 1.6284.

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