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GBP/USD takes a pause before another PMI

FXStreet (Moscow) - GBP/USD slid down from Asian high at 1.6157, and settled around 1.6130 at the European open.

Third time is a charm

After sentiment-driven trades of Thursday, the pound may focus on British data again. The UK Service PMI concludes the series of data released this week, and may be of special importance for the pound, given the service-oriented economy of Britain. Manufacturing index disappointed the market, construction sector came out above expectations, and if today’s report is stronger than forecasted, it may weigh down the balance in favor of the pound strengthening. The initial target to the upside in this case may lie at 1.6170 resistance.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6170, with support below at 1.6088, 1.6032 and 1.5950 with resistance above at 1.6226, 1.6308 and 1.6364. Hourly Moving Averages are bearish, with the 200SMA at 1.6270, and the daily 20EMA bearish at 1.6304. Hourly RSI is bearish at 43.

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