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GBP/USD dipped on UK PMI posting 17-month low

FXStreet (Moscow) - GBP/USD didn’t manage to settle above 1.62 before the UK PMI data, and moved to 1.6163 post the release.

PMI is out

The pound was nervous before the PMI release, as recent data out of the UK showed mixed picture of economic growth, and inflation weakness. The index came out worse than expected at 51.6 vs 52.5, printing the worst number since May, 2013. It convinced the market, the UK growth is not that stable. The market needs to believe, the BOE will be the first to hike, in order to buy the pound again, but the recent data keeps disappointing. The pair moved to 1.6160 post data, and may target next support at 1.6101.

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 1.6317, and the daily 20EMA bearish at 1.6334. Hourly RSI is bearish at 44.

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