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GBP/USD regains 1.6400

FXStreet (Edinburgh) - The sterling is confirming its upside momentum on Wednesday, pushing GBP/USD to recover the 1.6400 handle.

GBP/USD in weekly highs

Spot managed to gather steam after bottoming out near 1.6300 the figure on Tuesday, although the ongoing USD rally would likely cap further gains. There are no data releases in the UK economy scheduled for the present week, leaving the pair to the mercy of the broader risk trends. Currency Strategist Eric Theoret at Scotiabank said technicals remain mixed, with “bullish MACD, RSI poised to break above 50, and sustained break above 21-day MA highlights uprising risk for GBP”.

GBP/USD levels to consider

As of writing the pair is up 0.12% at 1.6409 with the next hurdle at 1.6445 (30-d MA) followed by 1.6525 9high Sep.19) and finally 1.6615 (high Sep.2). On the downside, a breach of 1.6300 (psychological level) would open the door to 1.6291 (10-d MA) and then 1.6285 (low Sep.22).

GBP/USD remains around 1.6400 - FXStreet

FXStreet Chief Analyst Valeria Bednarik points out that the GBP has been steady, trading between Fibonacci levels recently, due to a lack of market-moving UK economic data.
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