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GBP/USD bounces at 1.6160 again; back above 1.6200

FXStreet (San Francisco) - After falling 120 pips from 1.6285 following upbeat UK GDP data, the GBP/USD found support at September 16 lows around 1.6160 where the pair bounced to trade back above 1.6200.

The Sterling fell versus the US Dollar despite good data but pressure on EUR/USD bearishness. Currently, GBP/USD is trading at 1.6206, down 0.21% on the day, having posted a daily high at 1.6289 and low at 1.6166.

The hourly FXStreet OB/OS Index is showing oversold conditions, alongside the FXStreet Trend Index which is slightly bearish.

GBP/USD levels

If the pair manages to extend recovery above 1.6200, next resistances will be at 1.6220 and 1.6285. On the downside, supports are at 1.6160, 1.6100 and 1.6050.

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