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GBP/USD nervous below 1.6200, waiting for data

FXStreet (Moscow) - GBP/USD has been on retreat since the Asia opening; the pair has dropped below 1.6200 and touched current intraday low at 1.6178 before settling at 1.6183.

More downside in store

GBP/USD lived through a volatile day on Tuesday. The pair lost more than 100 pips during European session only to recover slightly by the end of NY hours. The downside, caused by general USD buying in anticipation of strong employment numbers, resumed on Wednesday. Now that GBP/USD is below 1.6200, the downside might extend towards yesterday’s lows at 1.6166. Fundamentally, UK Manufacturing PMI report is in focus today. Should the numbers come out weaker than expected (forecast 52.7 in September against 52.5 in August), 1.6100 pivot could come under threat.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6223, with support below at 1.6157, 1.6101 and 1.6035 with resistance above at 1.6279 1.6345 and 1.6401. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.6320, and the daily 20EMA bearish at 1.6334. Hourly RSI is bearish at 37.

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