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GBP/USD below 1.6200 again; bears have the upper hand

FXStreet (Moscow) - GBP/USD upside correction was rejected on approach to yesterday’s high of 1.6252; the pair settled marginally below 1.6200 after having touched the low at 1.6183

Waiting for fresh triggers

GBP/USD finished Wednesday well below 1.6200 after a failed attempt to settle at 1.6252. The pair reached the above said intraday high on the back of USD weakening caused by poor ISM numbers, but the upside proved to be short-lived. Ahead looks like a low profile day in terms of UK macroeconomic data, thus GBP/USD traders will have to look for inspiration elsewhere. ECB’s monetary policy meeting surely is the biggest name on the Eurozone’s dance card today. This event might trigger EUR/USD volatility and have a knock on effect on GBP/USD. From the technical point of view keep an eye at strong demand at 1.6150, once broken, medium demand at 1.6125/20 would come into view. The upside is likely to be limited by 1.6248/52.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6200, with support below at 1.6148, 1.6110 and 1.6058 with resistance above at 1.6238 1.6290 and 1.6328. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.6293, and the daily 20EMA bearish at 1.6320. Hourly RSI is bearish at 46.

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